A federal judge has quashed two grand jury subpoenas issued by the DC U.S. Attorney's Office against Federal Reserve Chair Jerome Powell and the Federal Reserve Board of Governors. Hawk reads through the full 27-page ruling by Judge James Boesberg, unpacking the legal reasoning behind one of the most significant judicial rebukes of the Trump administration's weaponization of the criminal justice system.

The subpoenas targeted Fed building renovation cost overruns and Powell's congressional testimony — neither of which the court found to contain any credible evidence of criminal activity. Judge Boesberg concluded that the subpoenas' dominant purpose was to harass and pressure Powell into either lowering interest rates or resigning, making way for a more compliant Fed chair.

The ruling draws on Trump's own Truth Social posts, statements from White House officials, and the pattern of DOJ prosecutions targeting political opponents including Adam Schiff, James Comey, and Letitia James. Jeanine Pirro, U.S. Attorney for the District of Columbia, held an unhinged post-ruling press conference in which she badly mischaracterized the judge's legal findings on probable cause.

Judge Boesberg, the same judge who previously ordered a halt to deportation flights to El Salvador's CECOT prison, wrote that the government offered essentially zero evidence that Powell committed any crime "other than displeasing the president." The court rejected the DOJ's renovation fraud theory, Powell's congressional testimony as a basis for perjury, and the government's refusal to provide any confidential evidence even when the judge offered a private chambers review. The Federal Reserve's independence, monetary policy, interest rates, and the rule of law are all at the center of this landmark court order.

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