Turning Law Enforcement on Opponents

The Fed Campaign

Trump Tried to Fire a Fed Governor; His Prosecutors Used Criminal Subpoenas to Pressure Powell

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Chapter 1 — Prosecutors Use the Grand Jury Against Powell

Chapter 2 — Trump Tries to Remove Cook and Put His Decision Beyond Review

Chapter 3 — The Pressure Failed to Deliver Control

1 · Prosecutors Use the Grand Jury Against Powell

1 · Prosecutors Use the Grand Jury Against Powell — select a subtopic

1.1 — Asked for Evidence, the Prosecutor Had None

1.2 — Public Demands Become Criminal Subpoenas

1.3 — A Closed Investigation and an Attempt to Erase the Ruling

1.4 — The Overruns Were Real; They Did Not Establish a Crime

1 · Prosecutors Use the Grand Jury Against Powell

1.1 · Prosecutors Use the Grand Jury Against Powell

Asked for Evidence, the Prosecutor Had None

Trump's Justice Department served two criminal subpoenas on the Federal Reserve's Board. Asked in court what crime the Government had evidence of, its lawyer said it did not know. A federal judge quashed both subpoenas, finding they were meant to pressure Chair Jerome Powell to yield to the President or resign, and inferred that Trump's appointee was responding to the President's desires. The charge is that Trump used removal powers and his administration used criminal investigation to pressure the central bank into doing what he wanted.

Memorandum Opinion, In re Grand Jury Subpoenas, ECF 23, at 3

On the other side of the scale, the Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President. The Court must thus conclude that the asserted justifications for these subpoenas are mere pretexts.

Chief Judge James E. Boasberg · signed March 11, 2026; released March 13, 2026

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Sources

[1]Redacted Transcript of the March 3, 2026 motion hearing, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 28 — 34 pp.

[2]Memorandum Opinion quashing the subpoenas, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 23 (Boasberg, C.J.), 27 pp.

[3]172 Cong. Rec. S601–S602 (daily ed. Feb. 12, 2026) — remarks of Sen. Thom Tillis, the 'HEARING EXCERPT' of the June 25, 2025 Senate Banking Committee exchange, and the material printed under the heading 'Senate Banking Committee Republican Member Statements on Powell DOJ Inquiry'

[4]12 U.S.C. § 242 — Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office (current through Pub. L. 119-102)

[5]Trump v. Cook, No. 25A312, 609 U.S. ___ (2026) — slip opinion, on application for stay (Roberts, C.J.), with concurring opinions of Kavanaugh and Jackson, JJ., and dissenting opinions of Thomas, J., Alito, J. (joined by Gorsuch, J.), and Barrett, J.

1.2 · Prosecutors Use the Grand Jury Against Powell

Public Demands Become Criminal Subpoenas

Trump and his deputies repeatedly attacked Powell and demanded lower interest rates. Housing regulator William Pulte called for an investigation of Powell's renovation testimony, and Trump amplified the demand. The Justice Department then subpoenaed the Board's records about the project and Powell's testimony. Prosecutors need no probable cause to open a grand-jury investigation, but both sides agreed a court may quash a subpoena used mainly to harass or pressure someone.

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Sources

[1]Redacted Transcript of the March 3, 2026 motion hearing, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 28 — 34 pp.

[2]Memorandum Opinion quashing the subpoenas, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 23 (Boasberg, C.J.), 27 pp.

[6]Statement by Federal Reserve Chair Jerome H. Powell, released 7:30 p.m. EST

[7]United States v. R. Enterprises, Inc., 498 U.S. 292 (1991)

[8]United States v. Williams, 504 U.S. 36 (1992)

[9]United States v. Armstrong, 517 U.S. 456 (1996)

[10]Memorandum Opinion and Order denying reconsideration, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 33 (Boasberg, C.J.)

[11]Federal Judicial Center, biographical entry for James Emanuel Boasberg, U.S. District Court for the District of Columbia

1.3 · Prosecutors Use the Grand Jury Against Powell

A Closed Investigation and an Attempt to Erase the Ruling

U.S. Attorney Jeanine Pirro twice promised an appeal, then closed the investigation. The Government asked the court to vacate its adverse rulings, saying the inspector general could review the renovation instead and that the opinions created an unnecessary conflict with the executive branch. The judge refused. In October, the Justice Department said it was not reopening the criminal investigation, Reuters reported.

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Sources

[10]Memorandum Opinion and Order denying reconsideration, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 33 (Boasberg, C.J.)

[12]Memorandum Opinion on the Motion to Vacate, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 43 (Boasberg, C.J.)

[13]Motion of the United States to Vacate Memorandum Opinions on Mootness Grounds, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 35 — 10 pp., signed by the United States Attorney for the District of Columbia

[14]Order denying the Motion to Vacate, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 42

[15]RECAP docket, In re Grand Jury Subpoenas, No. 1:26-mc-00012-JEB, updated October 7, 2026

[16]Reuters, Andrew Goudsward et al., "DOJ will not reopen criminal probe into Fed's Powell, spokesperson says," October 2, 2026, republished by AOL

[17]Board of Governors of the Federal Reserve System, press release: Kevin Warsh takes oath of office as chairman and a member of the Board of Governors

1.4 · Prosecutors Use the Grand Jury Against Powell

The Overruns Were Real; They Did Not Establish a Crime

The inspector general found serious management failures, which the Board accepted, but no grounds for a federal criminal referral or administrative misconduct finding. The approved project budget grew from $1.317 billion to $2.381 billion. By July 2026, more than four years after construction began and after $2 billion had been awarded for construction, the Board still had no guaranteed maximum price. Inflation, limited bidding, Board design changes and site conditions contributed to rising costs; the inspector general did not quantify the financial effect of management decisions or determine whether the project's costs were reasonable.

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Sources

[2]Memorandum Opinion quashing the subpoenas, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 23 (Boasberg, C.J.), 27 pp.

[12]Memorandum Opinion on the Motion to Vacate, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 43 (Boasberg, C.J.)

[16]Reuters, Andrew Goudsward et al., "DOJ will not reopen criminal probe into Fed's Powell, spokesperson says," October 2, 2026, republished by AOL

[18]Office of Inspector General, Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, "Federal Reserve: Evaluation of the Eccles-1951 Renovation Project Management and Construction Costs," Evaluation Report 2026-FMIC-B-016, September 29, 2026

2 · Trump Tries to Remove Cook and Put His Decision Beyond Review

2 · Trump Tries to Remove Cook and Put His Decision Beyond Review — select a subtopic

2.1 — Ten Days From a Referral to a Removal

2.2 — A Cause the Courts Could Not Question

2.3 — Trump Starts Again

2 · Trump Tries to Remove Cook and Put His Decision Beyond Review

2.1 · Trump Tries to Remove Cook and Put His Decision Beyond Review

Ten Days From a Referral to a Removal

A housing regulator asked the Justice Department to investigate Lisa Cook's mortgages. Ten days later Trump declared her removed, alleging deceit or at least gross negligence. Cook sued, and the district court blocked the removal.

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Sources

[19]Memorandum Opinion, Cook v. Trump, No. 1:25-cv-02903-JMC (D.D.C.), ECF 27 (Cobb, J.), 49 pp.

[20]Board of Governors of the Federal Reserve System, biography of Lisa D. Cook

[21]Criminal Referral: Lisa D. Cook — letter from William Pulte, Director, Federal Housing Finance Agency, to Attorney General Pamela J. Bondi and Special Attorney Edward R. Martin, Jr.

[22]Complaint, Cook v. Trump, No. 1:25-cv-02903-JMC (D.D.C.), ECF 1 — six counts

[23]Order, Cook v. Trump, No. 1:25-cv-02903-JMC (D.D.C.), ECF 28 (Cobb, J.)

2.2 · Trump Tries to Remove Cook and Put His Decision Beyond Review

A Cause the Courts Could Not Question

Trump's lawyers conceded that policy disagreement was not a lawful reason to remove a governor. But they argued that once he identified a cause, judicial review must stop. The Supreme Court rejected that position, five to four, and upheld the block on Cook's removal because she had received neither an adequate explanation nor a chance to answer.

Application for a Stay, Trump v. Cook, No. 25A312, at 24

If the President provides no reason at all for removing a member, a court could properly review that decision. But once the President identifies a cause, judicial review must cease.

D. John Sauer, Solicitor General of the United States · September 18, 2025

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Sources

[24]Application for a Stay of the Injunction Issued by the United States District Court for the District of Columbia, Trump v. Cook, No. 25A312 (U.S.), D. John Sauer, Solicitor General

[25]Appendix to the Application for a Stay, Trump v. Cook, No. 25A312 (U.S.) — containing the D.C. Circuit's order of September 15, 2025 (App. 1a), the concurring statement of Circuit Judge Garcia joined by Circuit Judge Childs (App. 2a), and the dissenting statement of Circuit Judge Katsas (App. 10a–22a)

[26]Federal Judicial Center, biographical entry for Gregory George Katsas, U.S. Court of Appeals for the D.C. Circuit

[27]Federal Judicial Center, Biographical Directory of Article III Federal Judges — the full judges dataset

[28]Supplemental Brief for the Applicant, Trump v. Cook, No. 25A312 (U.S.)

[29]Trump v. Slaughter, No. 25-332, 609 U.S. ___ (2026) — slip opinion

[30]Free Enterprise Fund v. Public Company Accounting Oversight Board, 561 U.S. 477 (2010)

[31]Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. 197 (2020) — slip opinion, including footnote 8

2.3 · Trump Tries to Remove Cook and Put His Decision Beyond Review

Trump Starts Again

The Supreme Court left Trump free to try again with the required process. The White House sent Cook a new notice, and her lawyer disputed the allegations while acknowledging an erroneous mortgage form. Trump then created a committee of three executive-branch officials to hold a closed hearing and recommend whether to remove her. Cook remained a governor on October 10, 2026.

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Sources

[32]White House letter from Daniel Scavino to Governor Lisa D. Cook, August 5, 2026, three pages

[33]Reuters, "Trump adviser Stephen Miran quits White House role to stay on at Fed," February 3, 2026, republished by The Guardian

[34]Letter from Abbe David Lowell, counsel for Governor Lisa D. Cook, to White House Counsel David Warrington, "Response by Governor Lisa D. Cook to August 5, 2026, Notice of Potential Removal," August 26, 2026, with the declaration of Kathleen C. Engel

[35]Presidential Memorandum, "Establishment of a Committee of Inquiry to Investigate Allegations of False Statements by Lisa DeNell Cook," October 7, 2026

[36]Docket, Cook v. Trump, No. 1:25-cv-02903-JMC (D.D.C.), as last updated October 9, 2026

[37]Board of Governors of the Federal Reserve System, "Board Members," as captured October 10, 2026

3 · The Pressure Failed to Deliver Control

3 · The Pressure Failed to Deliver Control — select a subtopic

3.1 — What the Campaign Cost and What It Achieved

3.2 — Why This Is an Impeachment Question

3 · The Pressure Failed to Deliver Control

3.1 · The Pressure Failed to Deliver Control

What the Campaign Cost and What It Achieved

Cook had to defend her seat, and Powell faced criminal pressure that a court found improper. Investors reacted to the threat to independence, Reuters reported. Trump won the chairmanship through a lawful nomination and confirmation, but the committee later voted 12 to 0 to raise rates. The first removal attempt and the subpoenas failed, while the renewed Cook removal process continues.

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Sources

[2]Memorandum Opinion quashing the subpoenas, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 23 (Boasberg, C.J.), 27 pp.

[17]Board of Governors of the Federal Reserve System, press release: Kevin Warsh takes oath of office as chairman and a member of the Board of Governors

[33]Reuters, "Trump adviser Stephen Miran quits White House role to stay on at Fed," February 3, 2026, republished by The Guardian

[37]Board of Governors of the Federal Reserve System, "Board Members," as captured October 10, 2026

[38]European Central Bank, "International central bankers on the statement by Federal Reserve Chair Powell on 11 January 2026," January 13, 2026

[39]Reuters, Karen Brettell, "Yield curve steepens as Trump attempts to fire Fed's Cook," August 26, 2025, republished by Metrobank Wealth Insights

[40]U.S. Senate, Roll Call Vote 117, 119th Congress, 1st Session — on the nomination of Stephen Miran to be Chairman of the Council of Economic Advisers

[41]U.S. Senate, Roll Call Vote 519, 119th Congress, 1st Session — on the nomination of Stephen Miran (PN464) to be a Member of the Board of Governors of the Federal Reserve System

[42]Stephen Miran, Opening Remarks, nomination hearing before the Senate Committee on Banking, Housing, and Urban Affairs

[43]Dr. Stephen Miran, Member Designate, Board of Governors of the Federal Reserve System, Responses to Questions for the Record, Senate Committee on Banking, Housing, and Urban Affairs

[44]Board of Governors of the Federal Reserve System, Federal Open Market Committee statement

[45]Letter of resignation from Governor Stephen I. Miran to the President of the United States

[46]Board of Governors of the Federal Reserve System, press release: Stephen I. Miran submits his resignation as a member of the Federal Reserve Board

[47]U.S. Senate, Roll Call Vote 120, 119th Congress, 2d Session — on the nomination of Kevin Warsh to be Chairman of the Board of Governors of the Federal Reserve System

[48]Board of Governors of the Federal Reserve System, biography of Jerome H. Powell

[49]Federal Reserve, Federal Open Market Committee statement, September 16, 2026

3.2 · The Pressure Failed to Deliver Control

Why This Is an Impeachment Question

Trump denied Cook the required removal process, and his prosecutors used the grand jury to pressure Powell over policy. Nixon's second impeachment article, adopted 28 to 10 in committee, charged misuse of executive agencies and is the closest historical parallel. Andrew Johnson's acquittal warns against impeachment merely for a disputed removal power; the charge here is abuse of public power against the Fed's independence.

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Sources

[2]Memorandum Opinion quashing the subpoenas, In re Grand Jury Subpoenas, Misc. Action No. 26-12 (JEB) (D.D.C.), ECF 23 (Boasberg, C.J.), 27 pp.

[19]Memorandum Opinion, Cook v. Trump, No. 1:25-cv-02903-JMC (D.D.C.), ECF 27 (Cobb, J.), 49 pp.

[24]Application for a Stay of the Injunction Issued by the United States District Court for the District of Columbia, Trump v. Cook, No. 25A312 (U.S.), D. John Sauer, Solicitor General

[35]Presidential Memorandum, "Establishment of a Committee of Inquiry to Investigate Allegations of False Statements by Lisa DeNell Cook," October 7, 2026

[50]The Constitution of the United States: A Transcription, U.S. National Archives — Article II, Section 4

[51]Alexander Hamilton, The Federalist No. 65 (Avalon Project, Yale Law School)

[52]Deschler's Precedents of the U.S. House of Representatives, vol. 3, ch. 14, Appendix — the impeachment-inquiry staff report "Constitutional Grounds for Presidential Impeachment," February 1974

[53]Deschler's Precedents of the U.S. House of Representatives, vol. 3, ch. 14, § 15 — impeachment proceedings against President Nixon, reproducing the articles of impeachment adopted by the Committee on the Judiciary

[54]Hinds' Precedents of the House of Representatives, vol. 3, ch. 76 — the impeachment and trial of President Andrew Johnson

[55]Myers v. United States, 272 U.S. 52 (1926)