A legal document released by the U.S. District Court for the District of Columbia on the 13th shows that the court judge had already, on the 11th, rejected two subpoenas issued by federal prosecutors to the Federal Reserve, finding that these subpoenas were solely intended to pressure Fed Chairman Powell and had no legitimate basis.
In the decision, Chief Judge Boasberg stated that President Trump or his subordinates had attacked Powell and pressured him on rate cuts in at least 100 statements.
Recently, federal prosecutors served two subpoenas to the Federal Reserve, requesting records of the Fed's recent building renovations and records related to Powell's congressional testimony. The Federal Reserve then filed a motion with the District Court for the District of Columbia, located in Washington, D.C., seeking to quash the two subpoenas.
Boasberg stated that the court's investigation found that the federal prosecutors had no legitimate purpose in issuing these subpoenas, and therefore agreed to the Fed's motion to quash them.
Boasberg said there is substantial evidence showing that the main purpose of these subpoenas was to harass or pressure Powell, forcing him to yield to the president or resign to make way for a new Fed chairman. At the same time, the Trump administration provided no criminal evidence against Powell, whom they were simply displeased with.
Columbia District federal prosecutor Piro stated on the 13th that the Justice Department will appeal the ruling.
Powell's term as Fed chairman will expire in May.