Overview
- The federal court, which denied the government's reconsideration motion Friday, kept grand jury subpoenas targeting the Federal Reserve quashed.
- Chief Judge James Boasberg previously found the subpoenas were used to pressure Jerome Powell to cut interest rates or resign and said the government presented no evidence of fraud.
- Prosecutors had sought records tied to cost overruns in the Fed’s headquarters renovation and Powell’s 2025 congressional testimony about that project.
- U.S. Attorney Jeanine Pirro and Justice Department leaders say they will appeal to the U.S. Court of Appeals for the D.C. Circuit.
- An appeal could stall Kevin Warsh’s confirmation as Sen. Thom Tillis holds the nomination, and Powell says he will stay at the Fed until the probe ends.