Trending Now - Powell Stays as Fed Chair; Judge Alters Grand Jury Procedures
WHO:
Duncan Levin, criminal defense attorney and former federal prosecutor
U.S. District Judge James Boasberg
U.S. Attorney for the District of Columbia Jeanine Pirro
U.S. District Judge James Boasberg
U.S. Attorney for the District of Columbia Jeanine Pirro
Duncan Levin, criminal defense attorney and former federal prosecutor
Jerome Powell, Federal Reserve Chair
President Donald Trump
U.S. District Judge James Boasberg
U.S. Attorney for the District of Columbia Jeanine Pirro
Kevin Warsh, Trump's nominee to replace Powell
Sen. Thom Tillis, R-N.C.
WHAT:
Judge Boasberg stated that the subpoenas issued by the Justice Department were intended to "harass and pressure Powell either to yield to the president or resign."
Boasberg declared that the government had produced "essentially zero evidence" of criminality against Powell.
Powell stated, "I have no intention of leaving the board until the investigation is fully resolved with transparency and finality."
Judge Boasberg ruled that the Justice Department's subpoenas lacked proper purpose and stated the government had produced "essentially zero evidence" of criminality.
Boasberg noted that there was "abundant evidence" that the subpoenas were intended to "harass and pressure Powell either to yield to the president or resign."
Powell stated, "I will make that decision based on what I think is best for the institution and for the people we serve," regarding his potential departure from the Board of Governors.
Powell stated he has "no intention of leaving" the Federal Reserve until the DOJ investigation is complete.
The Federal Reserve kept interest rates unchanged in the 3.5%-3.75% range.
The DOJ's investigation centers on Powell's June 2025 testimony regarding a $2.5 billion renovation project.
Judge Boasberg ruled that the DOJ subpoenas lacked proper purpose and stated the government had produced "essentially zero evidence" of criminality.
Powell will serve as "chair pro tempore" if Warsh is not confirmed by the end of his term in May 2026.
WHERE:
Federal Reserve, Washington, D.C.
National Mall, Washington, D.C.
WHEN:
Powell's term as chair is set to end in May 2026.
The DOJ investigation was disclosed on January 11, 2026.
The Federal Open Markets Committee meeting occurred on March 18, 2026.
WHY:
The investigation is perceived as part of a politically motivated pressure campaign on Powell to lower interest rates or resign, as indicated by Boasberg's ruling.
The investigation is perceived as part of a broader, politically motivated pressure campaign on Powell to lower interest rates or resign.
Jeanine Pirro described Boasberg's ruling as "outrageous" and stated, "Jerome Powell is now bathed in immunity."
The investigation is perceived as part of a pressure campaign by Trump to influence the Federal Reserve's interest rate decisions.
Powell described the DOJ investigation as "unprecedented" and a result of Trump's pressure on the Fed.
HOW:
The Justice Department's investigation centers on Powell's June 2025 testimony regarding the Federal Reserve's renovation project, which has drawn scrutiny from Republicans and the Trump administration.
Powell plans to serve as "chair pro tem" if Warsh is not confirmed by the end of his term in May 2026, as dictated by law.
Powell plans to remain at the Fed until the investigation concludes "with transparency and finality."
The Federal Reserve's renovation project is self-financed and does not rely on taxpayer funding.
(UPDATED March 19, 2026 13:23 UTC)
In a significant ruling, U.S. District Judge James Boasberg criticized the Justice Department's subpoenas aimed at Federal Reserve Chair Jerome Powell, stating they were designed to "harass and pressure" him to either yield to President Trump or resign. Boasberg noted that the government had produced "essentially zero evidence" of any criminality against Powell, who firmly declared his intention to remain in his position until the investigation is resolved with transparency. This investigation stems from Powell's June 2025 testimony regarding the Federal Reserve's renovation project, which has faced scrutiny from both Republicans and the Trump administration.
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(UPDATED March 19, 2026 05:24 UTC)
In a significant ruling, U.S. District Judge James Boasberg determined that the Justice Department's subpoenas against Jerome Powell lacked proper purpose and highlighted the absence of evidence of any criminality. Boasberg pointed out that there was ample indication the subpoenas were intended to pressure Powell into either yielding to President Trump or resigning, a sentiment echoed by U.S. Attorney Jeanine Pirro, who called the ruling "outrageous." Powell, for his part, stated he would make any decisions regarding his potential departure from the Board of Governors based on what he believes is best for the institution and the public, and he plans to serve as "chair pro tem" if Warsh is not confirmed by the end of his term in May 2026.
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(UPDATED March 18, 2026 23:08 UTC)
In a significant development today, Federal Reserve Chair Jerome Powell announced he has "no intention of leaving" the Fed until the Department of Justice investigation into his June 2025 testimony regarding a $2.5 billion renovation project is complete. The investigation, which Powell described as "unprecedented," is seen as part of a pressure campaign by Trump to influence interest rate decisions, but U.S. District Judge James Boasberg ruled that the DOJ subpoenas lacked proper purpose and provided "essentially zero evidence" of criminality. Meanwhile, the Federal Reserve has decided to keep interest rates unchanged in the 3.5% to 3.75% range, and if Trump's nominee Kevin Warsh is not confirmed by May 2026, Powell will serve as "chair pro tempore."