The request from U.S. President Donald Trump to "fire" Federal Reserve Chairman Jerome Powell became known on Thursday as the Supreme Court evaluates a fast-tracked appeal regarding two independent agencies, which has increasingly turned into an indirect battle for control of the powerful central bank of the country.

A decision in the emergency appeal could allow Trump to exert control over independent agencies while attempting to subsume his power in the executive branch, or it could significantly slow down that effort.

The issue before the Supreme Court is Trump's firing of senior officials from two independent agencies that oversee labor protections for federal employees. These officials, who are fighting for their reinstatement, argue that if Trump wins the labor boards case, it will pave the way for comprehensive reform of the Federal Reserve.