"Trump has launched an unprecedented campaign to exert greater control over the Fed, publicly lambasting the US central bank over its decisions, installing a close ally on its board of governors and attempting to fire Cook. His battle for influence has raised questions over the independence of the Fed, which for decades has steered the US economy without political interference."
"On Wednesday morning the supreme court considered his attempt to remove Cook the first-ever bid by a president to fire a Fed official and the administration's complaints about judge's order which had temporarily blocked Trump from firing her while litigation over the termination continues in a lower court. The justices declined to immediately decide a justice department request to put on hold the judge's order, enabling Cook to stay in post for now."
Lisa Cook will remain on the Federal Reserve Board for now after the Supreme Court declined to immediately grant the Department of Justice's request to allow President Trump to fire her. The administration sought immediate removal citing unconfirmed mortgage fraud allegations from before Cook joined the Fed in 2022; Cook denies wrongdoing and contends the president lacks authority to remove her. The Court considered the first-ever presidential bid to fire a Fed official and left in place a lower-court order that temporarily blocks the termination while litigation continues. Legal representatives for Cook welcomed the decision.
Read at www.theguardian.com
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