Federal Reserve seeking to quash subpoenas in DOJ investigation, source says
Read Original Source
The Federal Reserve has been mounting a closed-door effort to block the Justice Department's subpoenas for chairman Jerome Powell, CBS News has learned. In January, Powell revealed that the Federal Reserve had received grand jury subpoenas from the Justice Department as part of an ongoing criminal investigation into him. The subpoenas threatened a criminal indictment related to Powell's testimony before the Senate Banking Committee in June 2025, according to Powell.
AI Summary
Main Idea: The Federal Reserve is trying to block Justice Department subpoenas tied to a criminal investigation into Chair Jerome Powell and his testimony about a building renovation project.
Key Points:
- Powell said in January that the Justice Department had issued grand jury subpoenas as part of a criminal probe related to his Senate testimony.
- The Fed is now challenging the subpoenas in sealed court proceedings and wants a judge to quash them.
- The investigation has focused on cost overruns and Powell’s comments about renovations at the Fed’s office buildings.
- Powell says the probe is a way to pressure the Fed over interest rates, while the Justice Department says it used legal steps after being ignored.
Impact on the People
Negative Impact
The dispute could add uncertainty around the Federal Reserve and make markets more jittery, which can affect borrowing costs for households and small businesses.
Positive Impact
No clear positive impact identified.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Primary:Federal Reservegovernment agency or body
- Primary:Governor Jerome Powellperson
Candidate Entities8 candidates · 5 weighted vote min · 70% decision
- Federal Reservegovernment agency or bodyPrimaryEvaluated
Central institution said to be seeking to quash subpoenas and directly involved in the investigation dispute.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Governor Jerome PowellpersonPrimaryEvaluated
Federal Reserve chair and central figure in the subpoena controversy, testimony, and alleged investigation.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Jeanine PirropersonMajorAI selected
U.S. Attorney for the District of Columbia whose office is pursuing the legal process and commenting publicly.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Justice Departmentgovernment agency or bodyMajorAI selected
Issuing the grand jury subpoenas that the article says the Federal Reserve is trying to block.
Include 0 (0%)Ignore 0 (0%)5 to threshold - President Donald TrumppersonMajorAI selected
His pressure on the Federal Reserve and criticism of Powell are a major part of the article’s context.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Chair Russell VoughtpersonContextCandidate
Named official who publicly accused Powell of misconduct related to the renovation project.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Office of Management and Budgetgovernment agency or bodyContextCandidate
Its chair is quoted accusing Powell over the renovation project, but the agency itself is not a primary.
Include 0 (0%)Ignore 0 (0%)5 to threshold
Comments 0
Comments here are the same thread shown when this article appears in The Pulse.
No comments on this article yet.
Sign in to comment