By Andrew Chung

(Reuters) -The U.S. Supreme Court announced on Wednesday that it will hear arguments on January 21 in President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook, a move without precedent that challenges the central bank’s independence.

The justices said in October that they would hear arguments in the case before deciding a Justice Department request to lift a judge’s order that temporarily blocked the Republican president from removing Cook, an appointee of Democratic former President Joe Biden. That action effectively left Cook in place for the time being.

In creating the Fed in 1913, Congress passed a law called the Federal Reserve Act that included provisions to shield the central bank from political interference, requiring governors to be removed

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