Jerome Powell Set to Attend Supreme Court Hearings on Trump’s Effort to Dismiss Lisa Cook
U.S. Treasury Secretary Scott Bessent comments on the final round of interviews for Federal Reserve chairman and the probe into current chair Jerome Powell on ‘Kudlow.’
Federal Reserve Chair Jerome Powell is set to attend oral arguments at the Supreme Court on Wednesday. This case is linked to former President Donald Trump’s attempt to dismiss a Fed governor, as confirmed by a source to Fox News Digital.
The Associated Press was first to report this significant development.
At the center of the case is the question of whether Trump has the authority to fire Lisa Cook, who was appointed to the Federal Reserve Board of Governors in 2022 by President Joe Biden.
Trump asserts that he possesses broad authority to remove Cook from her position without judicial oversight, claiming that her actions amounted to private mortgage fraud.
GOP SENATOR SUGGESTS FED CHAIR POWELL RESIGN NOW TO DODGE POTENTIAL CRIMINAL INDICTMENT
Federal Reserve Chair Jerome Powell arrives at the U.S. Federal Reserve in Washington on Jan. 13, 2026. (Nathan Howard/Reuters / Reuters)
Cook has consistently denied these allegations.
Fox News previously reported that the nine justices will hear arguments from both Cook’s legal team and the Justice Department.
Trump maintains that, as the elected leader, federal law grants him the unqualified right to dismiss any member of the Federal Reserve’s Board of Governors or the Federal Open Market Committee “for cause.”
TRUMP FACES MULTIPLE LEGAL SETBACKS AS FEDERAL COURTS QUESTION BROAD PRESIDENTIAL POWERS
Cook is expected to argue before the Supreme Court that Congress established the Federal Reserve in 1913 as an independent entity, designed to be insulated from political influence and presidential meddling.
Federal Reserve Board Governor Lisa Cook speaks during a discussion at the Brookings Institution on the outlook for the economy and monetary policy on Nov. 3, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
As the first Black woman on the board, Cook argues that she has been used as a political pawn in Trump’s attempts to sway the Federal Reserve’s economic policies, relying on what she describes as “manufactured charges” against her.
Powell has also faced pressure from Trump, who has urged the central bank to lower interest rates more aggressively. In a video statement released in mid-January, Trump mentioned that the Justice Department had issued grand jury subpoenas to the Federal Reserve, framing it as a threat of criminal indictment related to Powell’s testimony before the Senate Banking Committee.
This testimony revolved around a multi-year, $2.5 billion renovation project for two Federal Reserve office buildings: the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building.
Construction on the Marriner S. Eccles Federal Reserve building in Washington, DC, US, on Tuesday, July 22, 2025. (Al Drago/Bloomberg via Getty Images / Getty Images)
Powell has characterized the Justice Department’s “new threat” as a “pretext” unrelated to his Senate testimony or the renovation project.
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“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he stated. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”
Fox News’ Shannon Bream and Bill Mears contributed to this report.
U.S. Treasury Secretary Scott Bessent comments on the final round of interviews for Federal Reserve chairman and the probe into current chair Jerome Powell on ‘Kudlow.’
Federal Reserve Chair Jerome Powell is set to attend oral arguments at the Supreme Court on Wednesday. This case is linked to former President Donald Trump’s attempt to dismiss a Fed governor, as confirmed by a source to Fox News Digital.
The Associated Press was first to report this significant development.
At the center of the case is the question of whether Trump has the authority to fire Lisa Cook, who was appointed to the Federal Reserve Board of Governors in 2022 by President Joe Biden.
Trump asserts that he possesses broad authority to remove Cook from her position without judicial oversight, claiming that her actions amounted to private mortgage fraud.
GOP SENATOR SUGGESTS FED CHAIR POWELL RESIGN NOW TO DODGE POTENTIAL CRIMINAL INDICTMENT
Federal Reserve Chair Jerome Powell arrives at the U.S. Federal Reserve in Washington on Jan. 13, 2026. (Nathan Howard/Reuters / Reuters)
Cook has consistently denied these allegations.
Fox News previously reported that the nine justices will hear arguments from both Cook’s legal team and the Justice Department.
Trump maintains that, as the elected leader, federal law grants him the unqualified right to dismiss any member of the Federal Reserve’s Board of Governors or the Federal Open Market Committee “for cause.”
TRUMP FACES MULTIPLE LEGAL SETBACKS AS FEDERAL COURTS QUESTION BROAD PRESIDENTIAL POWERS
Cook is expected to argue before the Supreme Court that Congress established the Federal Reserve in 1913 as an independent entity, designed to be insulated from political influence and presidential meddling.
Federal Reserve Board Governor Lisa Cook speaks during a discussion at the Brookings Institution on the outlook for the economy and monetary policy on Nov. 3, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
As the first Black woman on the board, Cook argues that she has been used as a political pawn in Trump’s attempts to sway the Federal Reserve’s economic policies, relying on what she describes as “manufactured charges” against her.
Powell has also faced pressure from Trump, who has urged the central bank to lower interest rates more aggressively. In a video statement released in mid-January, Trump mentioned that the Justice Department had issued grand jury subpoenas to the Federal Reserve, framing it as a threat of criminal indictment related to Powell’s testimony before the Senate Banking Committee.
This testimony revolved around a multi-year, $2.5 billion renovation project for two Federal Reserve office buildings: the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building.
Construction on the Marriner S. Eccles Federal Reserve building in Washington, DC, US, on Tuesday, July 22, 2025. (Al Drago/Bloomberg via Getty Images / Getty Images)
Powell has characterized the Justice Department’s “new threat” as a “pretext” unrelated to his Senate testimony or the renovation project.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he stated. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”
Fox News’ Shannon Bream and Bill Mears contributed to this report.
