Judge blocks subpoenas in criminal probe of Fed Chair Jerome Powell

A federal judge blocked subpoenas issued to the Federal Reserve in a criminal investigation of Fed Chair Jerome Powell, delivered in a scathing ruling. The subpoenas were issued by prosecutors in the office of U.S. Attorney for Washington, D.C., Jeanine Pirro; the ruling limits prosecutors' immediate access to Fed records and reduces near-term legal risk to the Fed and Powell. The decision preserves operational confidentiality for the central bank but leaves open political and reputational uncertainty that could have longer-term governance and regulatory implications.

Analysis

A federal judge blocked subpoenas issued to the Federal Reserve in a criminal investigation of Fed Chair Jerome Powell, delivered in a scathing ruling. The subpoenas were issued by prosecutors in the office of U.S. Attorney for Washington, D.C., Jeanine Pirro; the ruling limits prosecutors' immediate access to Fed records and reduces near-term legal risk to the Fed and Powell. The decision preserves operational confidentiality for the central bank but leaves open political and reputational uncertainty that could have longer-term governance and regulatory implications.