Jeanine Pirro pursues Fed pressure while clock ticks on her appeal in Powell probe

• Judge James Boasberg quashed Pirro's subpoenas after prosecutors admitted they have 'no evidence whatsoever of fraud' and declined to present any suspicions of improper conduct by Chair Jerome Powell
• Pirro has until May 4 to file an appeal under court rules, coinciding with a potential Senate vote on Kevin Warsh's nomination to replace Powell as Fed Chair
• The investigation centers on Fed construction cost overruns of nearly 80% over budget, while Trump and critics claim it is an attempt to pressure the Fed on interest rate policy

Summary: Fed Pressure Campaign Faces Legal Obstacles as Appeal Deadline Looms

Key Developments:

U.S. Attorney for D.C. Jeanine Pirro continues investigating the Federal Reserve over alleged construction cost overruns despite facing significant legal setbacks. Investigators visited a Fed construction site Tuesday without prior notice, examining a project with cost overruns reportedly 80% over budget.

Legal Challenges:

Chief Judge James E. Boasberg of the U.S. District Court for D.C. quashed Pirro's subpoenas, ruling prosecutors failed to meet the minimal threshold for issuing them. The government "presented no evidence whatsoever of fraud," and prosecutors told the judge they "do not know" if Fed Chair Jerome Powell committed improper conduct. Pirro has until May 4 to file an appeal under court rules, though legal experts suggest an appeal would likely fail without new evidence.

Political Implications:

The investigation's fate is directly tied to Kevin Warsh's nomination to replace Powell as Fed Chair. Senator Thom Tillis (R-NC) pledged to vote against Warsh's confirmation while Pirro's investigation remains unresolved, viewing it as an attempt to pressure the Fed on interest rates. Warsh appeared before the Senate Banking Committee on April 21, but confirmation remains blocked.

Market Context:

The conflict centers on Fed independence in setting interest rates. Congress granted this authority to prevent political interference, as keeping rates artificially low risks inflation. President Trump continues asserting Powell acted wrongly and threatened to fire him if he remains on the Fed board after his chair term ends.

Legal experts indicate Pirro can continue investigating but needs concrete evidence to proceed with subpoenas or court action.