Federal Reserve Chair Jerome Powell will attend Supreme Court oral arguments on Wednesday in a case that questions whether President Donald Trump can fire Fed Governor Lisa Cook.
The decision comes as Powell seeks to preserve the Federal Reserve's independence from political pressure, which has been a point of contention between Trump and the central bank. Earlier this month, Powell announced that the Justice Department had served the Fed with grand jury subpoenas over $2.5 billion renovation plans for the Fed buildings.
Powell will likely argue that the threatened indictment was related to his June testimony about the renovations, but maintains that it's a pretext. "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president," he said.
Cook challenged Trump's attempt to fire her after the president lashed out at Powell and other Fed officials. The President has repeatedly pressured the central bank to lower interest rates further, and has criticized Powell as "too late" and "a major loser".
The Supreme Court initially allowed Cook to remain in office until January 2038, when her term is set to end. However, the case will now go before the court for oral arguments, with Powell expected to be present.
The White House has not commented on Powell's attendance at the arguments, but NBC News has reached out for further information.
The decision comes as Powell seeks to preserve the Federal Reserve's independence from political pressure, which has been a point of contention between Trump and the central bank. Earlier this month, Powell announced that the Justice Department had served the Fed with grand jury subpoenas over $2.5 billion renovation plans for the Fed buildings.
Powell will likely argue that the threatened indictment was related to his June testimony about the renovations, but maintains that it's a pretext. "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president," he said.
Cook challenged Trump's attempt to fire her after the president lashed out at Powell and other Fed officials. The President has repeatedly pressured the central bank to lower interest rates further, and has criticized Powell as "too late" and "a major loser".
The Supreme Court initially allowed Cook to remain in office until January 2038, when her term is set to end. However, the case will now go before the court for oral arguments, with Powell expected to be present.
The White House has not commented on Powell's attendance at the arguments, but NBC News has reached out for further information.
. Like, isn't this a bit too much drama? Can't they just keep it civil? I mean, Trump is already being super salty towards him and the Fed, and now Powell's gonna fly all the way to DC to make his case? 
The whole thing feels like something straight outta "House of Cards" 
. And what's up with Cook being in this mess? I feel bad for her 
. Maybe she should just take a cue from Rachel Handler and tell Trump to chill 
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. I'm low-key impressed that he's not backing down from this, it shows how committed he is to keeping the Fed separate from politics 
. And can you even imagine having to deal with a grand jury subpoena over renovation plans? 
Like, what's next? 
The White House must be getting anxious about this, and Trump's already been shady about Powell... this case is going to be EPIC! 
. like, isn't it obvious that trump's trying to intimidate him? and what's with the fed setting interest rates based on "what will serve the public"? sounds like a nice phrase, but let's be real, it's just a way for powell to justify keeping the fed independent from politics 
. lisa cook is already doing her job, so why does trump need to try and fire her? is he trying to exert some kind of control over the central bank? because that's not how democracy works, dude...
. Jerome Powell's presence at the Supreme Court oral arguments is a calculated move to assert his institution's autonomy, which is essential for effective monetary policy decision-making 
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. The Supreme Court's involvement now adds a layer of complexity to this already contentious issue 
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. His argument that the threat of indictment is a pretext raises questions about the limits of political overreach and the role of the executive branch in shaping monetary policy 
anyway, i feel bad for cook, she's got trump breathing down her neck over there and now this supreme court drama... hope she holds on to her job 