Judge Rejects Subpoenas of Fed Board in Powell Case

• A federal judge quashed subpoenas sent to the Federal Reserve and Chair Jerome Powell.
• The subpoenas were initiated by the US Attorney for Washington, Janine Pirro, regarding alleged cost overruns in Fed buildings and accusations of Powell lying.
• The judge cited 'essentially zero evidence' on Powell, supporting the Fed's position.
• This ruling removes a political hold by Senator Tom Tillis on Fed nominations, potentially allowing for the confirmation of Kevin Warsh as Fed Chair.
• Other related legal challenges, such as the Supreme Court case concerning the President's power to remove Fed officials (Lisa Cook case), remain unresolved.

A federal judge quashed subpoenas against Fed Chair Jerome Powell concerning alleged cost overruns, citing 'essentially zero evidence.' This decision resolves a significant political dispute and removes an impediment for future Fed nominations, potentially clearing the path for Kevin Warsh's confirmation as Fed Chair.