BlockBeats News, March 14th: After a judge rejected a subpoena to the Federal Reserve, U.S. Attorney General Piro pledged to continue the investigation of Federal Reserve Chair Powell, potentially delaying the appointment of Powell’s successor Kevin Wash, as Powell’s term ends in May.
U.S. District Judge James Boasberg stated that the government failed to provide any evidence to support the validity of its subpoena, which was related to the renovation of the Federal Reserve headquarters and Powell’s comments on the project. Piro stated: “This process has been arbitrarily disrupted by a radical judge. The process should have been routine, but it wasn’t. They are truly shameful.”
U.S. Senate Banking Committee member Tillis warned that as long as the Justice Department’s investigation of Powell is ongoing, he will block any nomination for Federal Reserve Chair. “This ruling confirms how weak and baseless the criminal investigation of Chair Powell is, which is just a failed attack on the independence of the Federal Reserve,” Tillis said. “An appeal will only delay Kevin Wash’s confirmation as the next Federal Reserve Chair.” (FX168)
