U.S. Federal Reserve Chair Jerome Powell is scheduled to attend the Supreme Court's oral arguments in a case concerning the attempted removal of Fed Governor Lisa Cook, marking a notable demonstration of support from the head of the central bank. The Supreme Court is weighing the legality of President Donald Trump's effort to dismiss Cook, an action he publicly stated in late August. According to a source familiar with the situation, who requested anonymity, Powell intends to be present at Wednesday's session.

This action represents a more overt display of support for Cook than Powell has previously exhibited. It follows Powell's recent disclosure that the Trump administration issued subpoenas to the Fed, raising the possibility of an unprecedented criminal indictment against the Fed chair himself. Powell was appointed to his position by Trump in 2018.

The case before the Supreme Court centers on the extent of presidential authority over members of the Federal Reserve's governing board. Trump's attempt to remove Cook is considered unprecedented, as it challenges the established independence of the Federal Reserve System. The Fed, composed of seven governors, is designed to operate independently of political influence to ensure stable monetary policy.

The legal challenge raises questions about the balance of power between the executive and legislative branches, and the implications for the Fed's ability to manage the economy without political interference. The outcome could significantly impact the Fed's future operations and its perceived autonomy.

The Supreme Court's decision will determine whether President Trump had the authority to fire Cook. The court's ruling is expected to provide clarity on the limits of presidential power over independent agencies and could have long-lasting consequences for the Federal Reserve System. The oral arguments are scheduled for Wednesday, and a decision is anticipated in the coming months.