The conservative-dominated Supreme Court barred Trump from immediately removing Cook, allowing her to remain in her post until it could hear the case contesting her dismissal.<\/p>\n
Justice Brett Kavanaugh expressed concern that setting a \u201cvery low bar for cause\u201d could allow Presidents to dismiss Fed governors at will and \u201cweaken, if not shatter, the independence of the Federal Reserve\u201d.<\/p>\n
\u201cAll of the current President\u2019s appointees would likely be removed for cause on January 20, 2029, if there\u2019s a Democratic president,\u201d Kavanaugh said, referring to the next inauguration day.<\/p>\n
In a sign of the significance of the case and public support for Cook, Fed chair Jerome Powell was expected to personally attend a Supreme Court hearing.<\/p>\n
Powell\u2019s attendance comes as the Trump administration intensifies its pressure campaign targeting the central bank, including the opening of a criminal investigation into the Fed chief.<\/p>\n
Earlier this month, Powell revealed that US prosecutors had launched an inquiry into him over an ongoing renovation of the Fed\u2019s headquarters.<\/p>\n
Powell has dismissed the investigation as a politically motivated attempt to influence the central bank\u2019s interest-rate setting.<\/p>\n
Interest rates <\/p>\n
Trump\u2019s bid to fire Cook, the first black woman to serve on the central bank\u2019s board of governors, and the probe into Powell are a dramatic escalation of the President\u2019s efforts to control the Fed.<\/p>\n
Trump has repeatedly criticised the Fed for spurning his demands to slash interest rates more aggressively.<\/p>\n
By ousting Cook, the Republican President could potentially add another voice to the Fed\u2019s board to try and shift interest rates in his favoured direction.<\/p>\n
The Supreme Court has overwhelmingly sided with Trump since he returned to office, allowing mass firing of federal workers, the withholding of funds appropriated by Congress and racial profiling in his sweeping immigration crackdown.<\/p>\n
The court recently allowed Trump to fire members of other independent government boards, but created a carveout for the Fed in its ruling.<\/p>\n
In his announcement removing Cook, Trump said there was \u201csufficient reason\u201d to believe she may have made false statements on one or more mortgage agreements, allegedly claiming two primary residences, one in Michigan and another in Georgia.<\/p>\n
Cook has not been charged with a crime and the alleged false statements occurred before she was in her current position.<\/p>\n
She took office as a Fed governor in 2022 and was reappointed to the board in 2023.<\/p>\n
-Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"The conservative-dominated Supreme Court barred Trump from immediately removing Cook, allowing her to remain in her post until…\n","protected":false},"author":2,"featured_media":244902,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[6790,4496,1643,1040,138,1121,1853,61585,124,1349,2178,143276,2829,14051,2079,25807,305,35698,1350,25993,29819,111,139,69,1523,2572,10665,30246,1361,61,2179,19096,3040],"class_list":["post-244901","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-arguments","tag-attempt","tag-bank","tag-bid","tag-business","tag-case","tag-central","tag-consequences","tag-could","tag-court","tag-donald","tag-farreaching","tag-fed","tag-federal","tag-fire","tag-governor","tag-have","tag-hearing","tag-hears","tag-independence","tag-involving","tag-new-zealand","tag-newzealand","tag-nz","tag-over","tag-president","tag-reserve","tag-supreme","tag-that","tag-to","tag-trump","tag-trumps","tag-us"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/244901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=244901"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/244901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/244902"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=244901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=244901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=244901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}