US EditionUS Supreme Court considers Trump's bid to fire Fed's Lisa Cook
The Supreme Court considers if Trump can remove Fed Governor Lisa Cook over unproven mortgage fraud claims, a decision that could impact central bank independence and presidential firing powers.
- On Monday, federal prosecutors opened a criminal investigation into Federal Reserve Chair Jerome Powell, Bloomberg reported after subpoenas to the central bank.
- Pressure from Donald Trump, former president, and disputes over Jerome Powell's interest-rate policy helped prompt the Justice Department's probe, with observers dismissing cost-overrun claims as nonsense.
- FHFA director Bill Pulte denied knowing about the probe but previously referred a mortgage-fraud case involving Fed governor Lisa Cook to the Justice Department and has clashed with the Federal Reserve.
- Markets showed limited reaction, with stocks up and the dollar down modestly as U.S. stock indexes rose on Monday despite the probe news.
- Threatening legal action against a Fed chair raises unprecedented institutional risks as economists warn a Fed subordinate to presidential whims could undermine central-bank independence and fuel inflation.
97 Articles
97 Articles
SCOTUS Forced To Decide Whether It Will Keep Fed Independent of Trump
The Supreme Court is hearing oral arguments this morning on whether President Donald Trump can lawfully remove Federal Reserve Board Governor Lisa Cook while a criminal investigation against Cook, brought by Trump’s retribution-seeking Department of Justice, is pending in court. The case is about whether the administration provided Cook with adequate due process before attempting to fire her, and whether a claim of personal mortgage fraud, which…
Listen live: Supreme Court weighs Trump's firing of Federal Reserve Gov. Lisa Cook
The Supreme Court on Wednesday morning will weigh whether President Trump can legally oust Lisa Cook from the Federal Reserve Board of Governors over accusations of mortgage fraud. The oral arguments come as Trump has sought to reshape independent agencies that have long enjoyed protections against the president’s firing authority. Also looming over the case is the Justice Department’s criminal [...]
What to watch as Lisa Cook heads to Supreme Court
President Trump’s power over the Federal Reserve goes before the Supreme Court Wednesday in a blockbuster review of the central bank governors’ firing protections. As the president wages war against the Fed for not lowering interest rates quicker, Trump has looked to sack Fed governor Lisa Cook by accusing her of mortgage fraud, which she denies. Lower courts sided with Cook. The justices have punted a decision for months…
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