Judge blocks DOJ subpoenas against Jerome Powell
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A federal judge, James Boasberg, blocked the Justice Department from enforcing subpoenas issued to Federal Reserve Chair Jerome Powell and the Fed’s Board of Governors, finding that the government failed to show a legitimate basis for the demands. In an unsealed opinion, Boasberg said the subpoenas appeared aimed at pressuring Powell rather than investigating a crime, noting a “mountain of evidence” suggesting the subpoenas were used to influence Powell’s votes or force his resignation. He stated that the government produced essentially no credible evidence of wrongdoing by Powell and that its explanations were thin and likely pretextual. The ruling halts the subpoenas and represents a setback for the DOJ’s effort to obtain Powell-related records. Powell has defended Fed independence amid the DOJ inquiry, and the story is described as breaking and subject to updates.
Judge James Boasberg blocks DOJ subpoenas against Fed Chairman Jerome Powell
A federal judge blocked the Justice Department on Friday from enforcing subpoenas issued against Federal Reserve Chairman Jerome Powell, ruling the government failed to show any legitimate basis for the demands.
U.S. District Judge James Boasberg said in an opinion unsealed Friday that the subpoenas appeared designed to pressure Powell rather than investigate a crime. “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,” Boasberg wrote.
Boasberg said the Justice Department had not presented credible evidence that Powell had committed wrongdoing.
“The Government has produced essentially zero evidence to suspect Chair Powell of a crime,” the judge wrote, adding that the explanations offered by prosecutors were “so thin and unsubstantiated that the Court can only conclude that they are pretextual.”
POWELL DEFENDS FED INDEPENDENCE IN FIRST QUESTIONS ABOUT DOJ INQUIRY
The ruling halts the subpoenas against Powell and the Federal Reserve Board of Governors, dealing a setback to the DOJ’s effort to obtain the records.
This story is breaking and will be updated.
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