A US federal judge, on Friday, blocked subpoenas issued against US Federal Reserve Chair Jerome Powell by the Justice Department, citing “improper purpose”. The Judge wrote that evidence suggests that the government served the subpoenas “on the Board to pressure its Chair into voting for lower interest rates or resigning.”
“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,” wrote Judge James E. Boasberg in a filing dated March 11, reported AFP.
“The Court therefore finds that the subpoenas were issued for an improper purpose and will quash them,” wrote E. Boasberg.
(This is a developing story. Keep checking for more updates)
