Federal Reserve Chairman Jerome Powell will appear before the Supreme Court for oral arguments on Wednesday. a case related to try to fire The speech by Fed Governor Lisa Cook was an unusual show of support from the Fed chairman.
The high court is considering whether President Donald Trump can fire Cook, as he says he will late augustan unprecedented attempt to oust one of the seven members of the Federal Reserve Board of Governors. Powell plans to attend Wednesday’s session of the high court, according to a person familiar with the matter who spoke on condition of anonymity.
This is much more public support than the Fed chairman has previously expressed to Cook. But what follows is Powell announced last week Trump administration Subpoena issued Sent a warning to the Fed, threatening unprecedented criminal prosecution of the Fed chair. Powell, who was appointed to the post by Trump in 2018, appears to be moving away from his tepid response to Trump’s repeated attacks on the central bank last year in favor of more overt confrontation.
Powell issued a video statement on January 11 censure summons As an “excuse” for Trump to force him to sharply lower the Federal Reserve’s key interest rates. Powell cut interest rates three times late last year, bringing them to about 3.6%, but Trump believes rates should be as low as 1%, a position few economists support.
The Trump administration has accused Cook of mortgage fraud, a charge he denies. No charges have been filed against Cook. She filed suit to keep her job, Supreme Court filed Oct. 1 issued a brief command Allowing her to remain on the board while it considers her case.
If Trump succeeds in ousting Cook, he could appoint another person to fill her vacancy, which would make his appointee Majority of the Federal Reserve Board of Directors It has a greater impact on central bank interest rate decisions and bank supervision.