Federal Reserve Chair Jerome Powell will attend a Supreme Court hearing on Trump’s bid to fire Governor Lisa Cook, amid a criminal probe into Powell.
WASHINGTON: Federal Reserve Chair Jerome Powell plans to attend a Supreme Court hearing on Wednesday regarding former President Donald Trump’s attempt to fire a central bank governor.
A source familiar with the matter confirmed Powell’s expected appearance to AFP.
The hearing centres on Trump’s push last summer to oust Fed Governor Lisa Cook over allegations of mortgage fraud.
Cook, who serves on the Fed’s influential rate-setting committee, has legally challenged her removal.
The Supreme Court intervened in October, barring Trump from immediately removing Cook pending the case’s outcome.
Powell’s attendance would mark a more public demonstration of support for the embattled governor.
This development coincides with an intensifying pressure campaign by the Trump administration targeting the Fed.
Earlier this month, Powell disclosed that US prosecutors had opened a criminal investigation into him.
The probe relates to an ongoing renovation of the Fed’s headquarters and testimony Powell gave about the project last summer.
Powell has dismissed the investigation as a politically motivated effort to influence monetary policy.
He has received backing from fellow central bank chiefs who stress the critical need for Fed independence.
US Treasury Secretary Scott Bessent criticised Powell’s planned court appearance in a CNBC interview.
“If you’re trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake,” Bessent said.
He added that Trump could decide on a successor to Powell “as soon as next week”.
Powell’s term as Fed chair is due to expire in May.
