WSJ: Federal Reserve launches legal protest against US Department of Justice subpoena behind the scenes On February 27th, according to sources cited by The Wall Street Journal, the Federal Reserve is secretly launching a legal challenge in response to two subpoenas issued by US prosecutor Jeanine Pirro in the criminal investigation against Powell. Pirro is a long-term ally of President Trump, who initiated this investigation to examine Powell's false statements to Congress last summer regarding the renovation project of the Federal Reserve Building. This action prompted Powell to make an unprecedented public response, stating in a video statement on January 11th that the investigation was a cover for Trump's continued pressure on the Federal Reserve to cut interest rates and weaken central bank independence. In a secret procedure, the Federal Reserve is requesting judges to revoke subpoenas to reduce or exempt its response obligations. The specific legal arguments have not been disclosed yet. In high-profile investigations, it is not uncommon for subpoena recipients to question whether the prosecutor's requests are too broad or involve information protected by legal privilege. Due to the confidentiality rules applicable to criminal investigations in grand jury trials, this legal battle is quietly underway and not open to the public.