Judge Blocks Renewed Attempt to Subpoena Fed Chair Powell

Ruling sets up likely appeal that could delay Trump's plans for Fed leadership change

Apr. 3, 2026 at 8:06pm

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A photorealistic painting of the exterior of a government building with large windows and columns, the facade bathed in warm, golden light and deep shadows, conveying a sense of quiet contemplation and nostalgia.The ongoing legal battle over the investigation into the Federal Reserve chair exposes the political tensions surrounding the central bank's independence.Boston Today

A federal judge has again blocked subpoenas issued in a criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for an appeal that could further delay President Donald Trump's move to install a more compliant central bank head. The judge ruled that prosecutors lacked a good-faith basis to suspect a crime and that the subpoenas were issued to pressure Powell to lower interest rates or resign.

Why it matters

The ongoing legal battle over the investigation into Powell is part of a broader power struggle between the White House and the independent Federal Reserve. Trump has been critical of Powell's policies and has sought to exert more influence over the central bank, which could have significant implications for monetary policy and the economy.

The details

Chief U.S. District Judge James Boasberg rejected the Justice Department's bid to reconsider his earlier ruling that had effectively halted the criminal probe into Powell. Boasberg determined that the subpoenas, issued by a Trump ally, were intended to pressure Powell to accede to the president's demands to lower interest rates or resign. Prosecutors argued they were investigating Powell for potential fraud charges and false statements, but a top lawyer acknowledged they currently don't know what evidence exists that Powell committed a crime.

  • On March 13, Boasberg ruled that the subpoenas issued in January were for an improper purpose.
  • On April 3, Boasberg rejected the Justice Department's request to reconsider his earlier decision.

The players

Jerome Powell

The current Chair of the Federal Reserve, who has been the target of a criminal investigation by the Justice Department under the Trump administration.

Jeanine Pirro

The top federal prosecutor in Washington, D.C. and a stalwart Trump ally, who issued the subpoenas to the Fed's Board of Governors as part of the investigation into Powell.

James Boasberg

The Chief U.S. District Judge in Washington, D.C. who has twice ruled to block the subpoenas issued in the investigation of Powell.

Thom Tillis

A Republican member of the Senate Banking Committee who has criticized the probe into Powell and vowed to continue blocking the nomination of Kevin Warsh to succeed Powell as Fed chair.

Donald Trump

The former President of the United States who has been critical of Powell's policies and sought to exert more influence over the Federal Reserve.

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What they’re saying

“The Government's fundamental problem is that it has presented no evidence whatsoever of fraud.”

— James Boasberg, Chief U.S. District Judge

“We will absolutely appeal the judiciary's interference with our access to the grand jury.”

— Spokesperson for Jeanine Pirro

What’s next

The Justice Department has indicated it will appeal Boasberg's ruling to the U.S. Court of Appeals for the D.C. Circuit. This appeal could further delay the confirmation of Kevin Warsh as the next Federal Reserve chair, as Senator Thom Tillis has vowed to continue blocking the nomination while the legal battle over the Powell investigation plays out.

The takeaway

The ongoing legal battle over the investigation into Fed Chair Jerome Powell is part of a broader power struggle between the White House and the independent Federal Reserve. The judge's rulings so far have been a victory for Powell, but the appeal process could still lead to further delays and uncertainty around the central bank's leadership.