Federal Judge Blocks DOJ Subpoenas of Federal Reserve and Chair Powell
A federal judge ruled that Justice Department subpoenas targeting the Federal Reserve and Jerome Powell cannot be enforced.

A federal judge has ruled that the Department of Justice cannot enforce subpoenas it issued to the Federal Reserve and its chair, Jerome Powell, according to court filings that were unsealed Friday.
The ruling represents a significant legal victory for the central bank and Powell in what appears to be an ongoing dispute with federal prosecutors. The judge quashed the grand jury subpoenas, effectively blocking the Justice Department's attempt to compel testimony or documents from the Fed leadership.
The specific nature of the Justice Department's investigation that prompted the subpoenas remains unclear from the available court documents. Grand jury proceedings are typically conducted under seal, and details about the underlying case have not been publicly disclosed.
The Federal Reserve, as the nation's central banking system, maintains independence from other government branches in conducting monetary policy. This legal dispute appears to test the boundaries of that independence when it comes to potential criminal investigations.
The unsealing of the court filings on Friday provided the first public indication of the legal battle between the Justice Department and the Federal Reserve. Neither the Fed nor the Justice Department immediately responded to requests for comment about the ruling or the circumstances that led to the subpoenas being issued.