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https://www.cnn.com/2026/03/13/politics/fed-chair-jerome-powell-subpoena
A federal judge has quashed subpoenas the Justice Department had issued against Federal Reserve Chair Jerome Powell, according to court documents unsealed Friday.
The ruling is a major blow to President Donald Trump, who has repeatedly criticized Powell for not lowering interest rates and urged the Justice Department to investigate the outgoing chair.
US District Judge James “Jeb” Boasberg wrote in the new opinion that 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.”
“On the other side of the scale, the Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual,” Boasberg said.
The ruling is a major blow to President Donald Trump, who has repeatedly criticized Powell for not lowering interest rates and urged the Justice Department to investigate the outgoing chair.
US District Judge James “Jeb” Boasberg wrote in the new opinion that 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.”
“On the other side of the scale, the Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual,” Boasberg said.
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