Federal Reserve takes latest action in legal game over Justice Department subpoenas

On March 26, the Federal Reserve took its latest action in the legal game surrounding subpoenas from the U.S. Department of Justice, paving the way for the losing party to file an appeal. Previously, the Justice Department issued a subpoena in connection with an investigation into the Federal Reserve headquarters renovation project. The Federal Reserve filed documents with the court on Wednesday in response to federal prosecutor Jeanine Pirro's request for Chief U.S. District Judge James Boasberg to reconsider his ruling to revoke the subpoena. The document has been sealed and the specific content has not been disclosed yet. Boasberg ruled earlier this month to revoke the subpoena, saying the Justice Department had failed to provide sufficient evidence to justify it. The subpoena is related to the Federal Reserve's ongoing $2.5 billion renovation of its Washington headquarters, as well as Powell's testimony last year before the Senate Banking Committee about the construction project. Pirro, a federal prosecutor for the District of Colombia, has asked Judge Boasberg to reconsider her ruling and allow her to enforce the subpoena. The next step will be for Judge Boasberg to decide whether to reinstate the subpoena, which will determine whether Pirro's investigation can move forward.