NEW: Judge Blocks Trump DOJ Subpoenas Against Jerome Powell Over Lack of Evidence

AP Photo/Alex Brandon

A federal judge blocked subpoenas served to Federal Reserve Chair Jerome Powell, saying the Justice Department presented “essentially zero evidence.”

Judge James Boasberg, chief judge on the U.S. District Court for D.C., wrote in his court filing that “a mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning.”

The judge added that the government provided “essentially zero evidence to suspect Chair Powell of a crime.” He accused the government of presenting “thin and unsubstantiated” allegations against Powell.

The two subpoenas served to the Fed board of directors are related to a probe into a $2.5 billion renovation project.

“The case thus asks: Did prosecutors issue those subpoenas for a proper purpose?” Boasberg wrote. “The Court finds that they did not.”

Trump has called out and accused Boasberg of being politically motivated multiple times in the past.

Powell previously testified before Congress about the renovation project and chalked up the probe to an “ongoing pressure” campaign from the administration and the president. Trump has consistently pushed Powell to cut interest rates more and suggested he should be replaced.

“This unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure,” he said in a January video.

Powell has connected the probe to that public friction with Trump.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation,” he said.

This is a breaking story and it has been updated. 

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