AP Source: Fed Chair Powell to attend Supreme Court argument on Cook case

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell will attend the Supreme Court's oral argument Wednesday in a case involving the attempted firing of Fed governor Lisa Cook, an unusual show of support by the central bank chair.

The high court is considering whether President Donald Trump can fire Cook, as he said he would do in late August, in an unprecedented attempt to remove one of the seven members of the Fed's governing board. Powell plans to attend the high court's Wednesday session, according to a person familiar with the matter, who spoke on condition of anonymity.

It's a much more public show of support than the Fed chair has previously shown Cook. But it follows Powell's announcement last week that the Trump administration has sent subpoenas to the Fed, threatening an unprecedented criminal indictment of the Fed Chair. Powell — appointed to the position by Trump in 2018 — appears to be casting off last year's more subdued reponse to Trump's repeated attacks on the central bank in favor of a more public confrontation.

Powell issued a video statement Jan. 11 condemning the subpoenas as “pretexts” for Trump's efforts to force him to sharply cut the Fed's key interest rate. Powell oversaw three rate cuts late last year, lowering the rate to about 3.6%, but Trump has argued it should be as low as 1%, a position few economists support.

The Trump administration has accused Cook of mortgage fraud, an allegation that Cook has denied. No charges have been made against Cook. She sued to keep her job, and the Supreme Court Oct. 1 issued a brief order allowing her to stay on the board while they consider her case.

If Trump succeeds in removing Cook, he could appoint another person to fill her slot, which would give his appointees a majority on the Fed's board and greater influence over the central bank's decisions on interest rates and bank regulation.

FILE - Lisa Cook, a Federal Reserve Board of Governors member, reacts during an event at the Brookings Institution, Monday, Nov. 3, 2025, in Washington. (AP Photo/Mark Schiefelbein, file)

FILE - Federal Reserve Chair Jerome Powell speaks at the Federal Reserve, Wednesday, Dec. 10, 2025, in Washington. (AP Photo/Jacquelyn Martin, file)

The New York Stock Exchange is working on a digital platform that would enable investors to trade digital tokens around the clock.

The platform would be separate from the NYSE itself, which operates only on weekdays, and allow for instant settlement of transactions, orders sized in dollar amounts and stablecoin-based funding, NYSE owner Intercontinental Exchange said Monday.

Tokenization uses blockchain technology that powers cryptocurrencies to create digital tokens as stand-ins for things like stocks, bonds, real estate or even fractional ownership of a piece of art that can be traded like crypto by virtually anyone, anywhere at any time. Stablecoins, which are a type of cryptocurrency typically bought and sold for $1, have helped fuel the appetite to tokenize other financial assets.

Assuming it meets regulatory scrutiny, the platform would power a new NYSE venue that would support trading of tokenized versions of company shares, the exchange said.

The development of the platform is part of Intercontinental Exchange's bid to broaden its transaction clearing capabilities to handle 24/7 trading of tokenized securities and, potentially, the integration of tokenized collateral.

Intercontinental Exchange said it's working with Citigroup, Bank of New York Mellon and other lenders to support tokenized deposits across the company's six clearinghouses around the globe.

Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, Monday, Jan. 12, 2026. (AP Photo/Richard Drew)