Fed's Independence Faces Challenges, Powell Reportedly to Appear in Court to Support Cook

Odaily News According to an Associated Press report, Federal Reserve Chairman Jerome Powell will attend the U.S. Supreme Court's oral arguments on Wednesday regarding Fed Governor Lisa Cook, marking an unusual public statement and show of support from the head of the U.S. central bank. The Supreme Court is hearing a case on whether former President Trump had the authority to remove Governor Cook, who was appointed by President Biden. Sources familiar with the matter revealed that Powell plans to attend Wednesday's court hearing. This also represents the most public and direct support Powell has shown for Cook to date. Trump first attempted to remove Cook as early as late August last year. Previously, Powell disclosed that the Trump administration had issued subpoenas to the Federal Reserve and threatened to bring unprecedented criminal charges against it. In a video statement released on January 11, Powell condemned these subpoenas as mere "pretexts," with the substantive aim being to force him to significantly lower the Fed's benchmark interest rate.