Federal Reserve Chair Jerome Powell Exempt from Subpoena by US Judge

US Judge Rules Prosecutors Under Trump Produced ‘Essentially Zero Evidence’ for Subpoenas

A US District Court judge has granted a motion to quash two subpoenas related to an investigation into Jerome Powell, the chair of the Federal Reserve. Judge James Boasberg’s 27-page decision found that the subpoenas were issued for an “improper purpose”: to pressure Powell into compliance.

The subpoenas were part of a months-long campaign by President Donald Trump to force the Federal Reserve to lower interest rates rapidly and dramatically. Trump has repeatedly called for Powell to step down as part of this campaign, which is set to expire in May.

According to Boasberg’s decision, the government produced “essentially zero evidence” to suspect Powell of a crime. The judge also found that the government’s justifications for the subpoenas were “thin and unsubstantiated,” suggesting they were pretextual.

As part of his ruling, Boasberg ordered the unsealing of the two subpoenas, although some parts remain redacted. US Attorney Jeanine Pirro has rebutted the decision, stating it was made without legal authority and would be appealed swiftly.

Pirro also denied that the subpoena was sought for political aims, saying the office is focused on the law and the people of the district. However, Boasberg’s decision suggests otherwise, citing examples of Trump’s campaign to investigate and prosecute political rivals.

The Federal Reserve is considered an independent agency from the US political system, but the Trump administration has made efforts to bring different parts of government under executive control. Powell was nominated to head the Federal Reserve in 2017, and since Trump’s return to office in January 2025, he has pushed for lower interest rates.

The case involves a grand jury subpoena, which is one of the tools used by prosecutors to investigate crimes. The subpoenas were issued as part of this investigation, but Boasberg’s decision suggests that they may have been motivated by political considerations rather than a legitimate law enforcement effort.

Source: Al Jazeera