Courts & Justice

U.S. Judge Quashes DOJ Subpoenas Against Federal Reserve Chair Jerome Powell

U.S. District Judge James E. Boasberg has quashed subpoenas issued by the Justice Department targeting Federal Reserve Chair Jerome Powell, citing political motivations behind the investigation. This ruling comes amid escalating tensions between Powell and former President Donald Trump over interest rate policies and alleged cost overruns on Fed renovations. The decision is likely to delay Trump's efforts to reshape the Federal Reserve's leadership and may reinforce the institution's independence amid ongoing scrutiny of central banks.