US supreme court to consider Trump’s bid to fire Lisa Cook from Fed board
AI Summary
The US Supreme Court will hear arguments regarding Donald Trump's attempt to fire Federal Reserve governor Lisa Cook. Trump's administration alleges Cook committed mortgage fraud, while Cook's lawyers argue she was denied due process and that Fed governors can only be fired "for cause." A lower federal court blocked Cook's removal, and she remains on the Fed board. The Supreme Court's decision will test the limits of presidential power over the independent central bank. This case is part of a broader conflict between Trump and the Fed over interest rate policy, including a controversial Justice Department investigation into Fed Chairman Jerome Powell. Cook was appointed in 2022 and is the first woman of color to serve on the Fed's board.
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