The Federal Reserve is reportedly challenging two subpoenas at the heart of US Attorney Jeanine Pirro’s criminal investigation into Fed Chair Jerome Powell.

The Wall Street Journal reported Friday that the Fed, in sealed proceedings, is asking a judge to squash the subpoenas, which could reduce or eliminate its obligation to respond.

Pirro, a longtime confidante of President Trump, launched an investigation in January into whether Powell made false statements about renovations to the Fed’s headquarters during his semiannual testimony before the Senate last summer.

The arguments are sealed, so the fight is taking place outside of the public eye due to secrecy rules that apply to grand jury investigations.

Pirro attended an event at the White House on Jan. 8, where President Trump criticized US attorneys for not moving fast enough to prosecute certain of his political adversaries. The next day, the Justice Department served the subpoenas to the Fed.

Powell, who had remained quiet throughout a year of unrelenting attacks from Trump, responded in an unprecedented manner, releasing a video statement on a Sunday night. He asserted the administration was pursuing the criminal inquiry because it disagreed with the level of interest rates set by the central bank. (Trump wants lower rates.)

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Powell said the investigation could determine whether the Fed can continue to set interest rates based on evidence and economic conditions, or whether monetary policy will be “directed by political pressure or intimidation.”

The pushback from the central bank comes as Republican Sen. Thom Tillis has vowed to block the confirmation of Trump's Fed chair nominee, Kevin Warsh, until the investigation into Powell is resolved.

Republicans are looking for a way to diffuse the investigation to avoid delaying Warsh's confirmation. Senate Banking Committee Chair Tim Scott, who questioned Powell during the hearing last summer about the Fed’s renovations, has said he doesn’t believe the Fed chair committed a crime.

Trump has said he’d like to see the investigation through to the end rather than scrapping it to move along the confirmation process.

Pirro has said she issued the subpoenas after the Fed didn’t respond to multiple information requests.

Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram.

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