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Supreme Court Case, GOP Defense, and DOJ Probe Heighten Fed Independence Stakes

Updated (31 articles)

Court Hearing Tests Presidential Power Over Fed Governor The Supreme Court will hear arguments on Jan. 21 about whether a president can dismiss a Federal Reserve governor without cause, a challenge stemming from former President Trump’s effort to remove Governor Cook; Cook denies any wrongdoing and the Justice Department is investigating but has not filed charges [1].

Trump Presses for Rate Cuts While Eyeing New Fed Chair President Trump has repeatedly urged the Fed to lower interest rates, publicly criticized Chair Jerome Powell, and signaled he will name a successor when Powell’s chairmanship ends in May, with several potential candidates already discussed [1].

DOJ Subpoena and Criminal Probe Target Powell’s Renovation Testimony A DOJ subpoena tied to Powell’s congressional testimony on a $2.5 billion headquarters renovation—reported to be about $700 million over budget—has been framed by Powell as a pretext to force rate cuts; Powell released a video accusing the administration of weaponizing the criminal process, and the subpoena was issued by U.S. Attorney Jeanine Pirro without notifying the Treasury, White House, or DOJ superiors [1][4].

Republican Senators Rally Behind Powell and Threaten to Block Nominees Senate Republicans have publicly defended Powell’s independence, warned they will withhold support for any Fed nominees until the investigation is resolved, and specific senators such as Thom Tillis and a retiring North Carolina banking‑committee member have pledged to block nominations, limiting the administration’s leverage [2][3][4].

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