Judge blocks DOJ's criminal probe of Federal Reserve, blasting it as political

"The Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President. There is abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will."

"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."

"He has neutered the grand jury's ability to investigate crime. As a result, Jerome Powell today is now bathed in immunity."

Federal Judge James Boasberg quashed subpoenas issued to the Federal Reserve in January, which ostensibly sought information about headquarters renovation cost overruns. The judge determined the investigation's dominant purpose was to harass and pressure Powell to either comply with presidential demands for deeper interest rate cuts or resign. Boasberg found no evidence Powell committed any crime beyond displeasing the President. The case represents a critical test of the Federal Reserve's independence from White House political interference. While Senator Thom Tillis praised the decision as protecting Fed independence, U.S. Attorney Jeanine Pirro announced plans to appeal, characterizing the judge as activist and claiming Powell now enjoys immunity.

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