The Supreme Court has allowed Federal Reserve Governor Lisa Cook to remain in her position until oral arguments can be heard on whether President Trump has the authority to fire her.

The high court on Wednesday agreed to review Trump's effort to remove Cook from her post.

The update comes roughly two weeks after Trump officials appealed the case to the high court for emergency review.

Oral arguments are expected to be closely watched, given the unprecedented nature of the case, and the seismic shift that any ruling could have on U.S. economic decisions.

In appealing the case to the Supreme Court, lawyers for the Trump administration argued that the Fed's "uniquely important role" in the U.S. economy only heightens the government's and public's interest in reviewing the case.

"Put simply, the president may reasonably determine that interest rates paid by the American people should not be set by a governor who appears to have lied about facts material to the interest rates she secured for herself -- and refuses to explain the apparent misrepresentations," Solicitor General D. John Sauer said Thursday in the appeal.

The review of Cook's case is significant. Trump's attempt to fire Cook marked the first time in the bank's 111-year history that a president has ever attempted to remove a sitting governor from Fed -- a stridently independent body whose members are shielded by law against political pressures.

Trump unsuccessfully asked federal courts to allow him to quickly remove Cook from her position amid allegations of mortgage fraud as the reason to fire her.

U.S. District Judge Jia Cobb issued a preliminary injunction blocking Trump from terminating Cook while the case played out in court.