Story perspectives

Judge Dismisses Subpoenas Against Fed Chair Powell Amid Controversy

3/15/2026

Summary

Story summary

A federal judge quashed subpoenas to Jerome Powell, Federal Reserve Chair, citing political motivation to pressure him to lower rates or resign.
Judge James Boasberg said the Justice Department provided no evidence of wrongdoing by Powell and described the subpoenas as pretextual.
U.S. Attorney Jeanine Pirro plans to appeal, complicating Kevin Warsh’s nomination to replace Powell, while Senator Thom Tillis vows to block Fed appointments until the investigation ends.

History

Historical Context

Established on December 23, 1913, the Federal Reserve System was created to stabilize the U.S. economy following the Panic of 1907. Over the years, it has faced criticism for its monetary policies, particularly during economic downturns like the Great Depression and the 2008 financial crisis. Recent political tensions surrounding current chair Jerome Powell echo historical conflicts over the Fed's independence and its role in economic stability.

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Story summary

A federal judge quashed subpoenas to Jerome Powell, Federal Reserve Chair, citing political motivation to pressure him to lower rates or resign.
Judge James Boasberg said the Justice Department provided no evidence of wrongdoing by Powell and described the subpoenas as pretextual.
U.S. Attorney Jeanine Pirro plans to appeal, complicating Kevin Warsh’s nomination to replace Powell, while Senator Thom Tillis vows to block Fed appointments until the investigation ends.

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