A legal argument is set to begin regarding the landmark case of Humphrey's Executor, which has implications for the independence of federal agencies. The case, originally decided in 1935, established the principle that certain federal officials could not be removed at will by the president. Legal experts are anticipating a significant discussion around the case, with some suggesting that revisiting it could threaten the independence of the Federal Reserve. Observers are keen to see how the Supreme Court will approach this case, as its outcome could have substantial effects on Wall Street and federal agency operations.