Story perspectives

Judge Dismisses DOJ Subpoenas Against Fed Chair Powell

3/15/2026

Summary

Story summary

A federal judge quashed Department of Justice subpoenas against Federal Reserve Chair Jerome Powell, labeling the investigation politically motivated.
Judge James Boasberg said the subpoenas sought to pressure Powell to lower interest rates or resign.
U.S. Attorney Jeanine Pirro plans to appeal the ruling.
The ruling complicates U.S. President Donald Trump's nomination of Kevin Warsh to replace Powell.
Senator Thom Tillis has blocked Warsh's confirmation until the investigation concludes.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System in response to the Panic of 1907, aiming to stabilize the U.S. economy and manage monetary policy. This act created a unique structure balancing public and private interests, which has led to ongoing debates about the Fed's independence and its role in economic stability, particularly in light of recent judicial scrutiny.

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Story summary

A federal judge quashed Department of Justice subpoenas against Federal Reserve Chair Jerome Powell, labeling the investigation politically motivated.
Judge James Boasberg said the subpoenas sought to pressure Powell to lower interest rates or resign.
U.S. Attorney Jeanine Pirro plans to appeal the ruling.
The ruling complicates U.S. President Donald Trump's nomination of Kevin Warsh to replace Powell.
Senator Thom Tillis has blocked Warsh's confirmation until the investigation concludes.

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