Federal Reserve Chair Jerome Powell will attend Wednesday's Supreme Court oral argument regarding Lisa Cook's attempted firing. This is an unusual display of support from the central bank leader. The Supreme Court is reviewing the legality of former President Trump's effort to remove Cook from the Fed's governing board.

Trump sought to dismiss Cook in late August. Powell's attendance signals a shift from his previous, more reserved response to Trump's attacks on the central bank. Last week, Powell announced the Trump administration issued subpoenas to the Fed.

The subpoenas potentially threaten an unprecedented criminal indictment of the Fed Chair. Powell condemned the subpoenas on January 11 as attempts to force interest rate cuts. He was appointed Fed Chair by Trump in 2018.

The case centers on the independence of the Federal Reserve. The Fed operates independently to manage monetary policy. The Supreme Court's decision will have significant implications for the Fed's autonomy.

The Supreme Court will hear arguments Wednesday. A ruling is expected in the coming months. The decision will determine the extent of presidential power over Federal Reserve governors.