Supreme Court hears arguments in Trump v. Cook as DOJ opens criminal probe of Fed Chair Powell

The Supreme Court heard oral arguments in Trump v. Cook on Jan. 21, 2026, with justices across ideological lines signaling skepticism toward Trump's authority to remove Federal Reserve Governor Lisa Cook. Separately, the DOJ opened a criminal investigation into Fed Chair Jerome Powell over the Fed's building renovation project, which Powell described as the most consequential legal threat in the Fed's 113-year history.