Judge blocks subpoenas against Fed Chair Jerome Powell citing ‘essentially zero evidence’

A federal judge on Friday said he was blocking subpoenas that the Justice Department served to Federal Reserve Chair Jerome Powell in a probe purported to be about the management of the central bank's renovation.

"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," Judge James Boasberg, the chief judge on the U.S. District Court for Washington, D.C., wrote in a court filing.

Boasberg continued: "On the other side of the scale, the Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual."

"The Court therefore finds that the subpoenas were issued for an improper purpose and will quash them," the order states.

Powell said the threatened indictment was related to his testimony before the Senate in June about the renovation of Federal Reserve office buildings.

"No one—certainly not the chair of the Federal Reserve—is above the law," Powell said in an unprecedented Sunday night video statement on Jan. 11. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."

Moments after the judge's order was released, Tillis posted on X, "This ruling confirms just how weak and frivolous the criminal investigation of Chairman Powell is and it is nothing more than a failed attack on Fed independence."

"We all know how this is going to end and the D.C. U.S. Attorney’s Office should save itself further embarrassment and move on," Tillis continued.

He said "appealing the ruling will only delay the confirmation of Kevin Warsh as the next Fed Chair."

Tillis sits on a key subcommittee whose approval is necessary to bring Warsh's nomination to the full Senate. Tillis reiterated his position earlier this week.