Supreme Court considers Trump's attempt to fire the Fed's Lisa Cook
NBC News • • business
Key Points:
- The Supreme Court is reviewing President Donald Trump's attempt to remove Federal Reserve board member Lisa Cook, focusing on whether he can fire her "for cause" under the Federal Reserve Act, which limits presidential removal powers to evidence of wrongdoing.
- Trump alleges Cook committed mortgage fraud based on claims from a political appointee, but Cook denies the allegations and bank documents appear to contradict the fraud claim; the court previously blocked her immediate removal.
- Cook's legal team argues she must receive notice and an opportunity to challenge the firing, while the Trump administration contends the president alone decides if the "for cause" standard is met without any hearing.
- The case has heightened concerns about preserving the Federal Reserve's independence amid Trump's broader efforts to control independent
