the presidential immunity case<\/a> in 2024 that allowed Trump to avoid prosecution for his efforts to undo his 2020 presidential election loss to Democrat Joe Biden. The court is writing a decision \u201cfor the ages,\u201d Justice Neil Gorsuch said then.<\/p>\nIn Cook\u2019s case, the court voted 5-4 to reject the Trump administration\u2019s effort to get Cook out of her job now. Roberts, Justice Brett Kavanaugh and the three liberal justices were in the majority.<\/p>\n
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Allowing Cook to be ousted now, Roberts wrote, \u201cwould allow the President to remove a member of the Federal Reserve at any time, for any reason, without any notice before, and without any judicial check after. That would turn for-cause protection into little more than at-will employment.\u201d<\/p>\n
Cook, who was nominated to the Fed\u2019s Board of Governors by Biden, can continue in her post at least as long as her lawsuit challenging her firing goes on, the court said. The Trump administration is appealing a lower-court ruling in her favor.<\/p>\n
Besides trying to fire Cook, Trump had threatened to fire former Federal Reserve chairman Jerome Powell if he didn\u2019t leave the board when his term as chairman ended in mid-May. Powell has remained as a governor, even as Kevin Warsh has replaced him as chairman.<\/p>\n
Judges on lower courts have allowed Cook to remain in her post as one of seven central bank governors.<\/p>\n
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The true motivation for trying to fire Cook, Trump\u2019s critics say, is the Republican president\u2019s desire to exert control over U.S. interest rate policy. If Trump succeeds in removing Cook, the first Black woman to be a Federal Reserve governor, he could replace her with his own appointee and gain a majority on the Fed\u2019s board. The case is being closely watched by Wall Street investors and could have broad impacts on the financial markets and the U.S. economy.<\/p>\n
Trump has been dismissive of worries that cutting rates too quickly could trigger higher inflation. He wants dramatic reductions so the government can borrow more cheaply and Americans can pay lower borrowing costs for new homes, cars or other large purchases, as worries about high costs have soured some voters on his economic management.<\/p>\n
The Fed has left its key rate unchanged this year, but a growing chorus of policymakers is expressing concern about persistently high inflation and suggesting the central bank could raise its benchmark rate by the end of this year or leave it unchanged.<\/p>\n
While Cook\u2019s case was under review at the high court, Trump dramatically escalated his confrontation with the Fed. The Justice Department opened a criminal investigation of Powell and served the central bank with subpoenas.<\/p>\n
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The investigation ended in late April, the department said. The announcement cleared a major roadblock to the confirmation of Warsh as Powell\u2019s successor.<\/p>\n
The case against Cook stems from allegations she claimed two properties, in Michigan and Georgia, as \u201cprimary residences\u201d in June and July 2021, before she joined the Fed board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home.<\/p>\n
Those applications, Solicitor General D. John Sauer said in January, are evidence of \u201cgross negligence at best\u201d and give Trump reason to fire her. In any event, he argued, courts shouldn\u2019t be reviewing his decision and Cook has no right to a hearing.<\/p>\n
Cook has denied any wrongdoing and has not been charged with a crime.<\/p>\n
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Follow the AP’s coverage of the U.S. Supreme Court at https:\/\/apnews.com\/hub\/us-supreme-court<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"FILE – Federal Reserve Board of Governors member Lisa Cook leaves the Supreme Court in Washington, Jan. 21,…\n","protected":false},"author":2,"featured_media":354474,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[89046,32533,145,55145,24423,26166,106909,117132,89047,23681,59373,86795,84874,59371,84875,59372,61262,126128,82,84,83,126127],"class_list":["post-354473","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-antonio","tag-brett-kavanaugh","tag-district-of-columbia","tag-donald-trump","tag-jerome-powell","tag-joe-biden","tag-john-roberts","tag-kevin-warsh","tag-lisa-cook","tag-neil-gorsuch","tag-package-100024-ap-online","tag-package-100373-mc-complete-state-national","tag-product-30117-ap-washington-dc-state-news-no-weather","tag-product-30597-ap-business-news-f-wire","tag-product-30598-ap-national-news-report-a-wire","tag-product-31995-ap-online-general-financial-business-news","tag-product-31998-ap-online-national-news","tag-product-46986-ap-online-top-stories","tag-rebecca-slaughter","tag-san-antonio","tag-san-antonio-headlines","tag-san-antonio-news","tag-supreme-court-executive-power-trump-firing-cook"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/354473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=354473"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/354473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/354474"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=354473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=354473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=354473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}