Supreme Court to weigh Trump's bid to oust Lisa Cook from Fed board, with Powell probe looming over arguments
CBS News • • business
Key Points:
- The Supreme Court will hear arguments on President Trump's unprecedented attempt to remove Federal Reserve Board Governor Lisa Cook, a case that could impact the Fed's independence.
- Trump cited allegations of misconduct related to mortgage documents as "cause" for firing Cook, but she denies wrongdoing and claims the firing was politically motivated due to disagreements over interest rate policies.
- Lower courts have blocked Cook's removal, ruling Trump did not provide proper notice or valid cause, and the Supreme Court now faces questions about the definition of "cause" and judicial review of such removals.
- The case follows broader legal debates over presidential removal powers of independent agency officials, with the Fed potentially treated differently due to its unique structure and role in monetary policy.
- Legal experts
