One of the most-unbelievable moments this year (and there have been many already) was a Sunday-night video from Fed Chairman Jerome Powell where he fought back after he was handed a subpoena due to cost overruns in Fed renovations.
It was a clear politicization of the Fed and meant to pressure Powell to lower rates, resign or not stay on as a Governor.
A Federal judge killed the subpoena and hopefully that's the end of it.
"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" and no evidence to the contrary.
Republican Senator Thom Tillis has threatened to hold up Warsh's confirmation until this is settled and wrote:
This ruling confirms just how weak and frivolous the criminal investigation of Chairman Powell is and it is nothing more than a failed attack on Fed independence. We all know how this is going to end and the D.C. U.S. Attorney’s Office should save itself further embarrassment and move on. Appealing the ruling will only delay the confirmation of Kevin Warsh as the next Fed Chair.
I imagine this is the end of it.
