Federal Reserve Seeks to Block DOJ Subpoenas

Fed challenges subpoenas in DOJ probe of Chair Powell over testimony on $2.5B headquarters renovation.

Federal Reserve Seeks to Block DOJ Subpoenas in Powell Probe

The Federal Reserve has asked a federal judge to throw out grand jury subpoenas tied to the Justice Department’s investigation of Fed Chair Jerome H. Powell. The subpoenas relate to whether Powell provided misleading testimony to Congress about the central bank’s $2.5 billion renovation of its headquarters near the National Mall.

The motion is sealed, so the Fed’s legal arguments are not public. Powell denied any wrongdoing and described the investigation as unprecedented and politically motivated, amid tensions with the Trump administration over interest-rate policy and the Fed’s independence.