politics
Federal judge quashes Justice Department subpoenas of Fed Chair Jerome Powell
A federal judge has quashed subpoenas the Justice Department had issued against Federal Reserve Chair Jerome Powell, according to court documents unsealed Friday.
TL;DR
- Federal Judge James Boasberg quashed Justice Department subpoenas against Federal Reserve Chair Jerome Powell.
- The ruling stated the subpoenas were issued for the "improper purpose of harassing and pressuring Powell."
- The judge found "essentially zero evidence" of a crime and called the government's justifications "pretextual."
- The probe is seen as a setback for President Trump's efforts to pressure the politically independent central bank.
- US Attorney Jeanine Pirro intends to appeal the ruling, asserting the investigation is not politically motivated.
- Senator Thom Tillis described the probe as a "failed attack on Fed independence" and warned an appeal would delay confirmation of Kevin Warsh as Fed Chair.