A federal judge on Friday blocked subpoenas issued by the Department of Justice to the Federal Reserve as part of a criminal investigation into Fed Chair Jerome Powell.
“The judge has neutered the grand jury’s ability to investigate crime,” U.S. Attorney Jeanine Pirro said during a news conference.
“As a result, Jerome Powell today is now bathed in immunity preventing my office from investigating the Federal Reserve,” she added. “This is wrong and it is without legal authority.”
Judge James Boasberg said that a “mountain of evidence suggests” that the purpose of the subpoenas was simply to pressure the Fed to cut its key interest rate, as President Donald Trump has repeatedly demanded.
Powell revealed the investigation on January 11, which prompted Sen. Thom Tillis, a North Carolina Republican, to block consideration of Trump’s pick to replace Powell as Fed chair when his term expires on May 15.
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EDITOR’S NOTE: The Associated Press contributed to this report.
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