US EditionSupreme Court Prepares to Weigh Trump’s Power over Federal Reserve
The Supreme Court will rule on Trump’s attempt to remove Fed Governor Lisa Cook, challenging the Federal Reserve’s independence in U.S. monetary policy, amid legal scrutiny.
- The U.S. Supreme Court will assess the legality of President Donald J. Trump's attempt to remove Lisa Cook from the Federal Reserve, which could affect the Federal Reserve's independence.
- Mr. Trump seeks to remove Lisa Cook, Fed Governor, alleging financial improprieties as legal cause, while Cook denies wrongdoing and filed suit after Mr. Trump accused her of mortgage fraud.
- A prior Wilcox ruling described the Fed as a uniquely structured, quasi-private entity, yet the court allowed Mr. Trump to proceed against two independent agencies while cautioning Wilcox logic might not apply to the Fed.
- Observers note the court's conservative majority has recently supported Trump’s efforts to control agencies, and observers expect a decision by June following previous delays.
- If the court upholds removal power, a president's constitutional personnel power would allow firing officials without specific cause, shifting the constitutional balance of powers and reducing federal agencies' independence.
11 Articles
11 Articles
President Donald Trump has launched a new assault on the Federal Reserve, the central bank of the United States, also known as the “Fed.” On this occasion, Trump has chosen Jerome Powell, the head of the institution, as an adversary, to whom he has initiated a criminal investigation, for what he considers to be excessive expenses associated with the refurbishment of the Fed’s main offices in Washington, DC.
Supreme Court prepares to weigh Trump’s power over Federal Reserve
President Trump’s power over the Federal Reserve will be front and center at the Supreme Court next week. The justices on Wednesday will hear arguments on whether Trump can fire Fed Governor Lisa Cook over accusations of mortgage fraud. Looming over it all is the Justice Department’s criminal investigation into Jerome Powell, the Fed’s chair, [...]
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