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Powell to attend Supreme Court hearing in lawsuit over dismissal of Fed governor…renewed debate over Fed independence
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Summary
- The U.S. Supreme Court is set to hear a legal fight over Fed independence, bringing renewed scrutiny to concerns over political pressure on monetary policy.
- The Supreme Court is expected to decide whether President Donald Trump can remove Fed Governor Lisa Cook at will.
- Fed Chair Jerome Powell plans to attend the hearing in person, a move seen as reinforcing the Fed’s resolve to protect its independence following his earlier criticism of “pressure for rate cuts.”
A legal battle over the Federal Reserve’s independence has moved to the U.S. Supreme Court, reigniting concerns that monetary policy could come under political pressure.
According to Walter Bloomberg on the 20th (local time), Federal Reserve Chair Jerome Powell is set to attend in person a Supreme Court hearing tied to President Donald Trump’s attempt to remove Fed Governor Lisa Cook. Observers say it is unusual for Powell to make such a direct, public show of support on a specific matter.
The lawsuit challenges whether President Trump can dismiss Lisa Cook, a Fed governor appointed during the Joe Biden administration. The Supreme Court is expected to rule on whether the president can remove, at will, a Fed governor at the independent central bank.
Powell has previously publicly criticized a subpoena issued by the Trump administration to him and the Fed, saying it was “nothing more than a pretext to pressure rate cuts.” His decision to attend the hearing is also being read as a move to underscore the Fed’s determination to safeguard its independence.
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