Judge Rejects DOJ Subpoenas Against Federal Reserve Board in Powell Inquiry
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Judge Blocks DOJ Subpoenas in Powell Case, Cites "Improper Motive"
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CNBC TV18•14-03-2026, 01:35
Judge Blocks DOJ Subpoenas in Powell Case, Cites "Improper Motive"
•US District Judge James Boasberg rejected Justice Department subpoenas against the Federal Reserve Board concerning its headquarters renovation and Chair Jerome Powell's comments.
•Judge Boasberg found no evidence to justify the subpoenas, citing an "improper motive" of retaliation against Powell over policy differences.
•DOJ had issued subpoenas in January, threatening criminal indictment related to the Fed's $2.5 billion headquarters renovation and Powell's testimony.
•Powell characterized the investigation as motivated by the Fed's refusal to set interest rates according to President Donald Trump's preferences.
•Senator Thom Tillis praised the ruling, calling the investigation "weak and frivolous" and a "failed attack on Fed independence," vowing to block Fed nominations until resolved.
