Judge blocks justice department from subpoenaing Fed chair Jerome Powell
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The Bottom Line
Federal judge blocks Justice Department from subpoenaing Fed Chair Jerome Powell.
How This Affects You
Court protects Federal Reserve independence from political pressure that could affect interest rates and your borrowing costs.
AI Summary
A federal judge blocked the Justice Department from serving subpoenas to Federal Reserve Chair Jerome Powell in an investigation ostensibly about the central bank's renovation management. Powell disclosed the surprise investigation on January 11 and characterized it as a threat to Fed independence. The Fed chair described the probe as part of the Trump administration's broader campaign to pressure the Federal Reserve to cut interest rates. The judicial intervention prevents the Justice Department from compelling Powell's testimony in the inquiry.
What's Being Done
A federal judge issued a judicial intervention preventing the Justice Department from compelling Powell's testimony.
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US judge nixes two subpoenas against Federal Reserve chair Jerome Powell - Al Jazeera
Judge Quashes Justice Dept.’s Subpoenas Targeting Federal Reserve Chair - The New York Times
US judge quashes subpoenas in Justice Department's probe of Fed chair Powell
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Judge blocks Trump administration's subpoenas against Fed Chair Powell
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