Trump DoJ’s investigation was purportedly about the management of the central bank’s renovation
A federal judge on Friday blocked the justice department from serving subpoenas to Federal Reserve chair Jerome Powell in an inquiry purported to be about the management of the central bank’s renovation.
Powell disclosed the surprise investigation on 11 January, 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 of the DC district court wrote on Friday.