"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. The judge added that the government provided essentially zero evidence to suspect Chair Powell of a crime. He accused the government of presenting thin and unsubstantiated allegations against Powell."
"The case thus asks: Did prosecutors issue those subpoenas for a proper purpose? Boasberg wrote. The Court finds that they did not."
"This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure, he said. Trump has consistently pushed Powell to cut interest rates in the past and suggested he should be replaced."
Federal Judge James Boasberg blocked subpoenas served to Federal Reserve Chair Jerome Powell, ruling the Justice Department presented essentially zero evidence of criminal activity. The judge found a mountain of evidence suggesting the government served the subpoenas to pressure Powell into voting for lower interest rates or resigning. The two subpoenas related to a $2.5 billion renovation project probe. Boasberg determined prosecutors did not issue the subpoenas for a proper purpose. Powell previously testified before Congress, characterizing the probe as an ongoing pressure campaign from the administration. Trump has consistently pushed Powell to cut rates and suggested his replacement.
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