Federal Judge Stops Subpoenas Against Fed Chair Jerome Powell

(MENAFN) A federal judge has halted subpoenas directed at Federal Reserve Chair Jerome Powell, as stated by reports. These subpoenas had been issued by the Department of Justice as part of an investigation into the management of renovations at the central bank.

"A mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning," Judge James Boasberg, the chief judge of the US District Court for Washington, DC, stated in a filing.

"The Government has produced essentially zero evidence to suspect Chair Powell of a crime," he added. "Indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual."

Boasberg concluded, "The Court therefore finds that the subpoenas were issued for an improper purpose and will quash them."

Earlier, Powell linked the potential indictment to his testimony before the US Senate last June regarding the renovation of Federal Reserve office buildings.

"No one, certainly not the chair of the Federal Reserve, is above the law," Powell said in a Jan. 11 video statement. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."

At a press briefing, Jeanine Pirro, the US Attorney for the District of Columbia under Trump, criticized the judge’s ruling, asserting that it wrongly absolved Powell.

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