Federal Judge Halts DOJ Subpoenas Targeting Fed Chair Powell
The subpoenas were issued by the Department of Justice (DOJ) amid an investigation into the handling of the central bank's renovation.
"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 court document.
"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."
"The Court therefore finds that the subpoenas were issued for an improper purpose and will quash them," Boasberg continued.
Powell had previously explained that the potential indictment was linked to his testimony before the US Senate last June regarding the refurbishment of Federal Reserve office buildings.
"No one, certainly not the chair of the Federal Reserve, is above the law," Powell stated in a Jan. 11 video message. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."
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