“Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair. He is costing our Country TRILLIONS OF DOLLARS …. Put another way, ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!” That post by President Trump is one of “at least 100 statements that the President or his deputies have made attacking the Chair of the Federal Reserve and pressuring him to lower interest rates” that the federal District Court for the District of Columbia (James E. Boasberg) cited at the opening of an opinion quashing grand jury subpoenas issued against the Federal Reserve Bank Board of Governors seeking information on Chair Powell’s testimony to Congress.
The Court also cited in the first paragraph of the opinion a Presidential post that Powell “is truly one of the dumbest, and most destructive, people in Government …. TOO LATE’s an American Disgrace!”
In a lengthy opinion citing many more statements throughout, the Court discussed the grounds for quashing subpoenas. The Bank Board argued that the subpoenas were merely part of the game plan to pressure Powell to bend to the President's wishes or to get rid of him. “The case thus asks: Did prosecutors issue those subpoenas for a proper purpose?,” the Court asked. “The Court finds that they did not,” it answered its own question.
“There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will. On the other side of the scale, the Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President.”
After viewing extensively prior cases quashing subpoenas for improper purposes, citing many more statements by the President, and noting that the President had urged the Department of Justice to criminally prosecute his adversaries, the Court concluded that “the Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin that the Court can only conclude that they are pretextual.” (In re Grand Jury Subpoenas, Board of Governors of the Federal Reserve System v. United States, D. DC, Misc. Action No. 26-12, 3/13/26.)
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