Federal Reserve Takes Latest Action in Legal Battle Over U.S. Justice Department Subpoena

Golden Finance reports that on March 26, the Federal Reserve took the latest action in the legal battle over the U.S. Department of Justice subpoena, paving the way for the losing party to appeal. Previously, the Department of Justice issued a subpoena related to the investigation of the Fed’s headquarters renovation project. On Wednesday, the Fed submitted documents to the court in response to federal prosecutor Jeanine Pirro’s request for Chief U.S. District Judge James Boasberg to reconsider his decision to revoke the subpoena. The documents have been sealed, and the specific contents have not been disclosed. Earlier this month, Boasberg ruled to revoke the subpoena, stating that the Department of Justice failed to provide sufficient evidence to justify it. The subpoena concerns the ongoing $2.5 billion renovation of the Fed’s Washington headquarters and also involves Powell’s testimony last year before the Senate Banking Committee regarding the project. Pirro, the U.S. Attorney for the District of Columbia, has requested Judge Boasberg to reconsider his ruling and allow her to enforce the subpoena. The next step will be for Judge Boasberg to decide whether to reinstate the subpoena, which will determine whether Pirro’s investigation can continue.