"There is abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will. On the other side of the scale, the Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President. The Court must thus conclude that the asserted justifications for these subpoenas are mere pretexts."
"Powell said in a video when receiving the subpoenas that concern about the renovation was just a pretext. Judge James Boasberg agreed. The DOJ served the Fed with grand jury subpoenas in January, threatening a criminal indictment over Powell. His testimony was about the Fed's $2.5 billion renovation of its D.C. headquarters."
A federal judge quashed DOJ grand jury subpoenas served on the Federal Reserve regarding Jerome Powell's congressional testimony about the central bank's $2.5 billion headquarters renovation. Judge James Boasberg concluded the subpoenas were pretextual and designed to harass and pressure Powell to either lower interest rates or resign from his position. The judge found no evidence Powell committed any crime beyond displeasing the President. The Board of Governors of the Federal Reserve System's motion to quash the subpoenas was granted. The U.S. Attorney for the District of Columbia criticized the ruling, arguing it undermines the DOJ's investigative abilities.
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