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 display of support from the head of the central bank. The high court is weighing the legality of President Donald Trump's effort to dismiss Cook, an action he publicly stated in late August, representing an unprecedented attempt to oust a member of the Fed's governing board.

Powell's attendance at Wednesday's session was confirmed by a source familiar with the matter, who requested anonymity. This action represents a more overt show of support for Cook than Powell has previously exhibited. It follows Powell's announcement last week that the Trump administration issued subpoenas to the Fed, raising the possibility of an unprecedented criminal indictment against the Fed chair.

The case before the Supreme Court centers on the extent of presidential authority over members of the Federal Reserve Board. Legal experts say the court's decision could significantly impact the Fed's perceived independence from political influence. The Federal Reserve, established in 1913, is designed to operate independently of the executive branch to ensure monetary policy decisions are based on economic data rather than political considerations.

Trump appointed Powell as Fed chair in 2018. However, their relationship deteriorated as Trump repeatedly criticized Powell for not lowering interest rates to stimulate the economy, a demand that many economists viewed as a threat to the Fed's independence. The current legal challenge regarding Cook's attempted firing is seen by some as a continuation of Trump's efforts to exert greater control over the central bank.

The outcome of the Supreme Court case could have far-reaching implications for the future of the Federal Reserve and its ability to function independently. The court's decision is expected in the coming months.