TechFlow News, March 14: According to JINSHI Data, after a judge dismissed subpoenas issued to the Federal Reserve, U.S. federal prosecutor Piro vowed to continue investigating Federal Reserve Chair Jerome Powell—a move that could delay the confirmation of Kevin Warsh as Powell’s successor. Powell’s term ends in May. U.S. District Judge James Boasberg stated that the government failed to present any evidence justifying the subpoenas, which related to the renovation of the Federal Reserve’s headquarters building and Powell’s comments on the project. Piro remarked: “This process has been arbitrarily derailed by an activist judge. The process should have proceeded methodically—but it did not. It is truly shameful.” Senator Thom Tillis, a member of the Senate Banking Committee, warned that he would block any nomination for Federal Reserve Chair so long as the Department of Justice’s investigation into Powell remains ongoing. “This ruling confirms how weak and baseless the criminal investigation against Chair Powell is—a failed assault on the Federal Reserve’s independence,” Tillis said. “An appeal will only further delay Kevin Warsh’s confirmation as the next Federal Reserve Chair.”
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