A federal judge has quashed two Justice Department subpoenas targeting the Federal Reserve, the Wall Street Journal reported Friday, delivering a significant legal victory to the central bank and a serious setback to the criminal probe that U.S. Attorney Jeanine Pirro had opened into Fed Chair Jerome Powell.
U.S. District Judge James Boasberg, whose ruling was unsealed Friday, found the subpoenas to be improper. The Obama-appointed judge wrote that the record showed the subpoenas’ primary purpose was to pressure Powell into either capitulating to the President’s wishes or stepping aside in favor of a more compliant successor.
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