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Federal Judge Quashes Justice Department Subpoenas of Fed Chair Jerome Powell Immediately
A federal judge has quashed subpoenas issued by the Justice Department against Federal Reserve Chair Jerome Powell, dealing a significant blow to President Biden's investigations. The ruling is a major setback for the Justice Department's efforts to scrutinize Powell's actions during his tenure.
A federal judge has quashed subpoenas issued by the Justice Department against Federal Reserve Chair Jerome Powell, according to court documents unsealed Friday, dealt a significant blow to President Biden's efforts to investigate potential wrongdoing at the Fed. The ruling impacts the ongoing inquiry into whether the Fed misled Congress about its efforts to purchase mortgage-backed securities during the 2008 financial crisis. The investigation was launched in response to allegations of insider trading and conflicts of interest among Fed officials. Powell had resisted the Justice Department's requests for his testimony and documents.
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