Powell: Lisa Cook Supreme Court hearing 'one of the most important' in Fed history [Fed Watch]
Summary
- Jerome Powell said the Supreme Court hearing related to Governor Lisa Cook is one of the most important legal matters in Fed history.
- Powell said the case could be the most important legal case in the Fed’s 113-year history, adding that it would have been harder to explain why he did not attend.
- Powell said former Fed Chair Paul Volcker also previously attended a Supreme Court hearing, calling it an action with precedent and an appropriate step.
"Paul Volcker also previously attended a Supreme Court hearing"
Federal Reserve Chair Jerome Powell said that his decision to attend a Supreme Court hearing related to Governor Lisa Cook came amid political controversy, adding that he judged it to be "one of the most important legal matters in the Fed’s history."
At a press conference following the Federal Open Market Committee (FOMC) meeting on the 28th (local time), Powell explained why he attended the hearing, saying the case "could be the most important legal case in the Fed’s 113-year history," and that he believed "it would have been even harder to explain why I didn’t attend."
Powell also noted that former Fed Chair Paul Volcker had previously attended a Supreme Court hearing, adding, "It was probably around 1985." He emphasized, "This is an action with precedent, and I attended because I judged it to be appropriate."
Powell, however, avoided directly addressing criticism from Treasury Secretary Scott Bessent over his attendance at the hearing, saying, "It is my principle not to comment on the remarks of other public officials, regardless of who they are."
New York = Correspondent Park Shin-young nyusos@hankyung.com
Korea Economic Daily
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