Maintain rejection! Federal Reserve, Powell, breaking news!

Maintain the ruling upholding the dismissal of subpoenas issued against Federal Reserve Board Chair Jerome Powell.

Local time on April 3, a legal filing released by the U.S. District Court for the District of Columbia showed that on the same day, Chief Judge James Boasberg of the court denied an order to reconsider the decision to reject two subpoenas issued by the federal prosecutors to the Federal Reserve.

Boasberg said that the defense materials provided by the prosecution in a rush neither offered any new evidence nor pointed to any substantive errors, so the court refused to revisit the dismissal decision.

In January, federal prosecutors sent the Federal Reserve two grand jury subpoenas seeking records of the Federal Reserve Building’s recent renovations and records related to Federal Reserve Chair Jerome Powell from congressional hearings. The Federal Reserve then filed a motion with the U.S. District Court for the District of Columbia seeking to quash both subpoenas. Powell said that the criminal charges threatened against him by the federal government were an attempt to undermine the Federal Reserve’s “independence” in setting interest rates.

On March 11, Boasberg issued a dismissal decision, saying that the two subpoenas served only to pressure Powell and that the prosecution had provided no valid reason.

Powell’s term as Federal Reserve chair is set to expire in May. Trump has formally nominated Kevin Warsh to serve as the next chair. Republican Sen. Tom Tillis said he would oppose confirmation of any Federal Reserve-related nominations, including that of the Federal Reserve chair, until issues such as Powell being investigated are resolved.

After taking office as president again in 2025, Trump has repeatedly attacked Powell.

It is understood that Trump has been urging the Federal Reserve to cut interest rates, hoping to boost the economy and lower the government’s borrowing costs. Because he was dissatisfied that the Federal Reserve failed to cut rates proactively, Trump has repeatedly called on Powell to resign.

On December 28 last year, Trump also mentioned what he said was a Federal Reserve Building renovation project costing tens of billions of dollars, calling Powell “severely incompetent,” and saying, “We may sue him.”

In August last year, Trump already issued a similar threat to Powell: “Because his performance in overseeing the construction and management of the Federal Reserve Building has been absolutely terrible and extremely incompetent, I am considering bringing a major lawsuit against him.”

Compiled from: China News Service, CCTV News

Editor: Ye Shuyun

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