During oral arguments, the justices seemed hesitant to grant the president broad authority over the Fed, an agency the court previously indicated has a unique structure. In May, the court signaled the Federal Reserve is a quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.

The case draws on previous rulings regarding the president's power to remove officials from federal agencies. Last July, the court permitted the Trump administration to fire nearly half of the Department of Education's employees. However, the Federal Reserve's unique status as a quasi-independent entity, designed to be insulated from political pressure, appears to be a key factor in the court's deliberations.

The Federal Reserve, established in 1913, is responsible for setting monetary policy and regulating banks. Its independence is intended to allow it to make decisions based on economic considerations rather than political ones. The outcome of Trump v. Wilcox could have significant implications for the Fed's autonomy and its ability to function without undue political interference.

A decision in the case is expected in the coming months.