Larry Kudlow: Janine Piro's Subpoena Could Hasten Fed Chair Powell's Departure

The Janine Piro Solution

• 💡 The author proposes a "Janine Piro solution" to hasten the departure of Fed Chair Jerome Powell, hoping for calmer heads and an orderly transition.
• 🎯 Jerome Powell is accused of undermining Federal Reserve independence more than anyone in recent times.

Subpoena and Federal Reserve Response

• 📌 Janine Piro, US Attorney for the District of Columbia, may have played a key role in serving a subpoena to J. Pal and the Federal Reserve.
• ⚠️ Piro stated that the subpoena was not a threat and that the word "indictment" came from Powell's mouth, not hers.
• ✉️ Two emails were sent to the Fed over the holidays regarding "Taj Mahal overruns" without urgency or mention of a criminal investigation before the subpoenas were issued.

Legal Process and Merits

• ⚖️ Piro's office stated that decisions are based on merits, nothing more, nothing less, and that no one is above the law.
• 🧐 The author questions the severity of a cost overrun as a criminal action, suggesting it's common in Washington D.C.
• 🏛️ It is alleged that Piro's office did not inform the Justice Department before taking this action, which is considered a "no no."

Potential for Speedy Resolution

• 🚫 So far, no grand jury has been impaneled, and no charges have been filed against Powell or the Federal Reserve.
• 🤷 President Trump stated he knew nothing about the DOJ's Fed subpoena, providing plausible deniability.
• 🤝 The stage may be set for a speedy solution, possibly involving a session with Ms. Piro to resolve the matter and appoint a new Fed chair.