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Supreme Court denies Trump's Fed removal effort
The U.S. Supreme Court ruled that President Donald Trump currently lacks the authority to fire Lisa Cook, a member of the Federal Reserve Board of Governors, and confirmed that the final authority has not yet been determined. The decision was made by a 5-4 majority, and the case has been remanded to lower courts, emphasizing that the independence and importance of the Federal Reserve require that the President not interfere in the appointment of its members without just cause. Trump's previous efforts were related to attempting to dismiss Cook based on allegations of mortgage fraud, which Cook denied, and these efforts were clearly connected to her refusal to comply with his demands to lower interest rates.
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