Judge tosses DOJ subpoenas targeting Fed Chair Jerome Powell

US District Judge James Boasberg has tossed two subpoenas the Justice Department served on the Federal Reserve Board of Governors, ending — for now — its criminal probe into Fed Chair Jerome Powell. In an unsealed 27-page ruling, Boasberg said the subpoenas served an "improper purpose," noting the government produced "essentially zero evidence" to suspect Powell of a crime and that the justifications appeared pretextual.

The subpoenas sought records about recent renovations of the Fed's Washington, DC, buildings and Powell's June testimony before the Senate Banking Committee about those renovations. Boasberg opened his ruling with a July Truth Social post from President Donald Trump criticizing Powell, calling it one of "at least 100 statements" by the President or his deputies pressuring the chair to lower interest rates.

US Attorney Jeanine Pirro said her office will appeal and accused the judge of placing Powell "bathed in immunity," preventing an investigation of the Federal Reserve.

United States, Washington, DC

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