"The Government's arguments do not come close to convincing the Court that a different outcome is warranted, Boasberg wrote. On March 13, Boasberg nullified the subpoenas on the basis that they were issued for an improper purpose: to pressure Powell into compliance with the president's demands."
"Although the Federal Reserve is an independent government agency, not subject to political demands, Trump has repeatedly called on the bank to slash interest rates, and he has denounced Powell as incompetent, crooked and a fool for not following suit."
"For months, pressure had been building from the Trump White House to investigate Powell and push him prematurely from his job as Federal Reserve chair. Powell's term is slated to expire in May."
Judge James Boasberg dismissed subpoenas from the Trump administration aimed at Federal Reserve chairman Jerome Powell, stating the arguments presented were unconvincing. The subpoenas were deemed issued for improper purposes, specifically to pressure Powell into compliance with presidential demands. Tensions between Trump and Powell have escalated since January 2025, with Trump criticizing Powell for not lowering interest rates. The administration has also focused on cost overruns related to Federal Reserve renovations, alleging malfeasance and calling for investigations into Powell's conduct.
Read at www.aljazeera.com
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