Overview
- The chief judge in Washington, who reaffirmed his March order on Friday, left in place the block on grand jury subpoenas in the Justice Department’s probe of Jerome Powell.
- Judge James Boasberg wrote that prosecutors showed no evidence of fraud and found the subpoenas were likely meant to pressure Powell to slash interest rates or resign.
- The subpoenas, issued by D.C. U.S. Attorney Jeanine Pirro, sought records on cost overruns in the Federal Reserve’s roughly $2.5 billion headquarters renovation and Powell’s 2025 testimony about the project.
- Pirro and the Justice Department say they will appeal to the D.C. Circuit, and a court transcript shows a top prosecutor conceded they do not currently know what evidence, if any, shows Powell committed a crime.
- An appeal could stall the confirmation of Kevin Warsh as Fed chair because Sen. Thom Tillis has vowed to block the nomination while the probe continues, and Powell says he will remain at the Fed during the litigation.