Judge blocks subpoenas against Fed Chair Powell

Reuters//March 13, 2026//

U.S. Federal Raeserve Chair Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee (FOMC) on interest rate policy, in Washington, D.C., U.S., January 28, 2026. REUTERS/Jonathan Ernst/File Photo

Reuters//March 13, 2026//

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March 13 (Reuters) – 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.

Powell disclosed the probe January 11, and described the move as a threat to Fed independence and part of the Trump administration‘s attempts to pressure the Fed to cut rates.

The judge agreed, saying a “mountain of evidence” suggests the investigation was to pressure the Fed chair to lower rates or resign.

“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,” Chief Judge James Boasberg wrote.

(Reporting by Ismail Shakil, Andrew Goudsward, Jasper Ward, Ann Saphir, Editing by Franklin Paul)

Tags: Fed independence, Trump administration, investigation, federal judge

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