Supreme Court blocks Trump’s bid to fire US Federal Reserve’s Lisa Cook

Supreme Court blocks Trump’s attempt to fire Fed governor Lisa Cook over unproven mortgage fraud allegationsThe United States Supreme Court refused to let US President Donald Trump fire Federal Reserve Governor Lisa Cook, rejecting Trump’s attempt to remove the Biden-appointed Fed governor amid allegations of mortgage fraud.The high court handed down a 5-4 decision on Monday, blocking Trump’s bid to become the first president to remove a Fed official since Congress created the central bank in 1913.Recommended Stories list of 4 itemslist 1 of 4Paradise lost: How Israel is making war on West Bank farmerslist 2 of 4If USMCA is not renewed, analysts expect uncertainty for businesseslist 3 of 4Oil prices rise as US, Iranian strikes threaten Strait of Hormuz reopeninglist 4 of 4China slaps export controls on dozens of Japanese entitiesend of listChief Justice John Roberts and conservative Brett Kavanaugh, who was appointed during Trump’s first term, joined the court’s three liberal justices. Justices Clarence Thomas, Samuel Alito, Neil Gorsuch and Amy Coney Barrett dissented.In August, Trump cited unproven allegations of mortgage fraud in an attempt to oust Cook, who said the claims were a pretext to influence monetary policy. He also repeatedly attacked the central bank and launched an investigation into then-Governor Jerome Powell, moves widely seen as political pressure as the Fed resisted cutting interest rates as quickly as Trump wanted.Roberts said that Trump did not “afford Cook the procedural protections to which she was entitled by statute. Without such protections, she could not properly dispute the charges the president laid against her.”Roberts also said governors at the central bank “do not serve at the president’s pleasure – they instead serve staggered 14-year terms, and may be removed only ‘for cause’,” Roberts added.“We hold that such protection from removal is contrary to the separation of powers enshrined in the Constitution,” the chief justice wrote for the court.