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Economy|Donald TrumpUS Fed Chair Powell to attend Supreme Court session on Cook case: ReportIt is a much more public show of support than Powell has previously displayed, but comes as Trump threatened Fed chair with criminal indictment.

The United States Supreme Court is currently reviewing a case concerning the attempted dismissal of Federal Reserve governor Lisa Cook. Federal Reserve Chair Jerome Powell is set to attend the court's oral arguments, a notable gesture of support for Cook.

JBy Joseph CainJan 20, 20262 min read

The United States Supreme Court is currently reviewing a case concerning the attempted dismissal of Federal Reserve governor Lisa Cook. Federal Reserve Chair Jerome Powell is set to attend the court's oral arguments, a notable gesture of support for Cook.

The Supreme Court is evaluating whether President Donald Trump has the authority to terminate Cook's position, following his statement in late August expressing such intentions. This case addresses an unprecedented effort to remove a member of the Federal Reserve's governing board, which consists of seven members. Powell's attendance at the court session on Wednesday has been confirmed by a source who requested anonymity.

This development marks a significant shift in Powell's public support for Cook. Previously, Powell had refrained from such public demonstrations. The situation follows Powell's announcement last week regarding subpoenas issued by the Trump administration to the Federal Reserve, which threaten a potential criminal indictment of Powell himself. Powell, who was appointed by Trump in 2018, appears to be adopting a more confrontational stance in response to the administration's actions against the central bank.

The United States Supreme Court is currently reviewing a case concerning the attempted dismissal of Federal Reserve governor Lisa Cook.
Joseph Cain · Thehackingpost

On January 11, Powell released a video statement condemning the subpoenas as unjustified attempts to pressure the Federal Reserve into significantly reducing its key interest rate. Under Powell's leadership, the rate was lowered to approximately 3.6 percent last year through three rate cuts. President Trump has advocated for a rate as low as 1 percent, a position not widely supported by economists.

The Trump administration has made allegations of mortgage fraud against Cook, which she has denied. No formal charges have been filed. Cook has initiated legal action to retain her position, leading the Supreme Court to issue an order on October 1 temporarily allowing her to remain on the board during the case's consideration.

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If President Trump succeeds in dismissing Cook, he would have the ability to appoint a replacement, thereby potentially securing a majority of appointees on the Federal Reserve's board. This shift could result in increased influence over the central bank's decisions regarding interest rates and banking regulations.

Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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