Trump faces court setback over Fed control

The U.S. Supreme Court upheld Trump's lack of authority to dismiss Federal Reserve Board Chair Lisa Cook, thereby reinforcing the central bank's independence and preventing the first-ever attempt to remove a Federal Reserve official since its establishment in 1913. The majority voted to reject Trump's request, affirming that governors serve long terms and can only be dismissed for a legitimate reason, amid disagreements over monetary policy and Trump's efforts to influence the central bank.

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