Judge Blocks DOJ Subpoenas Targeting Fed Chair Powell

Ruling says subpoenas were an attempt to pressure Powell on interest rates

Mar. 13, 2026 at 9:24pm

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A federal judge has quashed subpoenas issued by the Department of Justice to Federal Reserve Chair Jerome Powell, saying they were part of an attempt by the Trump administration to pressure Powell into adjusting interest rates. The judge ruled that the DOJ provided little evidence to justify the subpoenas, which were ostensibly related to an investigation into renovations at the Federal Reserve building.

Why it matters

This ruling is significant as it pushes back against efforts by the executive branch to interfere with the independence of the Federal Reserve. The Fed's ability to set monetary policy free from political influence is seen as crucial to maintaining economic stability.

The details

In January, the DOJ launched a criminal investigation into Powell's testimony last year about renovations at the Federal Reserve building in Washington, D.C. Powell had disputed President Trump's estimates of the renovation costs and threatened legal action. The judge ruled that the subpoenas were a pretext to pressure Powell to change interest rates to align with the Trump administration's preferences, rather than being justified by the renovation investigation.

  • In June 2025, Powell testified before the Senate Banking Committee about the Fed renovations.
  • In January 2026, the DOJ issued grand jury subpoenas related to Powell's renovation testimony.
  • On March 13, 2026, the federal judge quashed the DOJ subpoenas.

The players

Jerome Powell

Chair of the Federal Reserve, the central banking system of the United States.

Donald Trump

Former President of the United States who repeatedly criticized Powell and the Fed's interest rate policies.

Department of Justice

The federal executive department responsible for the administration of justice in the United States.

Judge James Boasberg

The federal judge who quashed the DOJ subpoenas targeting Powell.

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What they’re saying

“The Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual.”

— Judge James Boasberg, Federal Judge (Court Opinion)

What’s next

The Department of Justice has not indicated whether it will appeal the judge's ruling quashing the subpoenas.

The takeaway

This case highlights the importance of the Federal Reserve's independence from political interference, which is seen as crucial for effective monetary policymaking. The ruling is a victory for the Fed's ability to operate free from undue influence by the executive branch.