US judge nixes two subpoenas against Federal Reserve chair Jerome Powell

A US judge, James Boasberg, quashed two subpoenas against Federal Reserve Chair Jerome Powell on Friday, March 13, 2026, determining they were issued for an "improper purpose" to harass Powell. The judge's decision cited a months-long campaign under former President Donald Trump to pressure the Federal Reserve to lower interest rates. Boasberg stated the government produced "essentially zero evidence" of any crime by Powell, suggesting the subpoenas were pretextual. The US attorney overseeing the case, Jeanine Pirro, a Trump appointee, criticized the ruling, accusing Boasberg of interfering in a grand jury proceeding and plans to appeal the decision. The subpoenas, though unsealed, remain partially redacted.

A US judge blocked a Department of Justice investigation into the Federal Reserve, siding with Fed Chairman Jerome Powell, who claimed the probe was politically motivated to pressure the bank to lower interest rates. Judge James Boasberg stated that prosecutor Jeanine Pirro presented "no evidence" to justify her demands for information. Pirro, a Trump ally and US attorney for the District of Columbia, issued subpoenas in January regarding cost overruns at Fed office renovations after her inquiries were ignored. Powell accused the Trump administration of launching the probe to influence interest rates. Boasberg concluded the subpoenas were issued to harass Powell into complying with President Trump's demands or to force his resignation, while the government provided no evidence of wrongdoing by Powell. Pirro intends to appeal the decision, criticizing it as undermining her ability to investigate crime.

A federal judge quashed Justice Department subpoenas issued to the Federal Reserve in January, ruling the investigation was politically motivated. Judge James Boasberg stated the subpoenas aimed to pressure Fed Chair Jerome Powell to lower interest rates, aligning with President Trump's demands. The investigation, revealed by Powell in January, led Senator Thom Tillis to block Trump's nominee for Fed chair. Boasberg cited "abundant evidence" that the subpoenas' purpose was to harass Powell into complying with the president or resigning. US Attorney Jeanine Pirro, who issued the subpoenas, announced she would appeal the ruling.