Subpoenas issued in a criminal inquiry targeting Federal Reserve Chair Jerome Powell were struck down on Friday, March 13, by a federal judge. The judge concluded that the effort by a prosecutor appointed by President Donald Trump amounted to undue pressure on the central bank over interest rate policy.
The judge said there was no evidence indicating that Powell had committed any crime, suggesting the case appeared solely driven by his disagreement with Trump. The judge further suggested the case lacked substance, comparing it to launching an inquiry over an ordinary act such as mailing a letter.
Appointed last year by Trump, U.S. Attorney Jeanine Pirro, whose office is conducting the inquiry into cost overruns related to Federal Reserve renovations, responded to the judge’s ruling with strong criticism. Pirro claimed Chief Judge James Boasberg interfered with her prosecutorial authority and was protecting Powell.
— Harish Chandra (@HarishChan20246) March 17, 2026
She said her belief that a law had been violated justified pursuing the investigation and claimed Powell was effectively granted immunity. The subpoenas targeted information regarding renovations of two historic Fed buildings and Powell’s Senate testimony in July 2025.
Powell defended the renovation spending as necessary and hosted both lawmakers and Trump for a tour of the ongoing project at the Federal Reserve headquarters. The Department of Justice (DOJ) is preparing to appeal the decision by Boasberg.
The conservative editorial board of The Wall Street Journal (WSJ) on Monday, March 16, called on Trump to “take the hint” over a case targeting a political opponent. For months, Trump has worked to remove Powell from his position as Federal Reserve chairman because of his reluctance to lower federal interest rates, according to the Raw Story.
The WSJ editorial board noted that the evidence and reasoning are sound and stated that Trump has been having difficulties winning cases with his legal efforts.
This is evident in the recent move by a judge to dismiss subpoenas linked to an investigation into Powell. The board suggested that the president should drop the case in order for Kevin Warsh to be confirmed as the next Federal Reserve chairman. It also claimed that the move by Pirro could have been influenced by Trump.
— Harish Chandra (@HarishChan20246) March 17, 2026
“The smart move now is for the White House to take the loss and drop the case. The quicker the case is gone, the sooner Mr. Warsh can get through the Senate Banking Committee and onto the Senate floor to be confirmed. It is also more likely that if the case goes away, Mr. Powell might resign from his Fed seat and Mr. Trump would get another appointment to the seven-member board,” the board said.
Since Trump resumed his position as president last year, he has been demanding that the Federal Reserve reduce interest rates more rapidly and at a greater rate than what Powell has been willing to do so, given the continued inflationary pressures.
Despite having appointed Powell during his first term, Trump has since publicly criticized him, describing him as a “numbskull.” The events on March 13 have raised questions about not only the ongoing investigation, but also Trump’s attempt to place Warsh as a replacement when Powell’s term ends in mid-May. While Powell, who has often found himself at odds with Trump, announced the investigation on January 11, he called it a threat to the Federal Reserves’s independence.
