The Supreme Court is hearing oral arguments this morning on whether President Donald Trump can lawfully remove Federal Reserve Board Governor Lisa Cook while a criminal investigation against Cook, brought by Trump’s retribution-seeking Department of Justice, is pending in court.
The case is about whether the administration provided Cook with adequate due process before attempting to fire her, and whether a claim of personal mortgage fraud, which Cook has denied, is even grounds for a Fed governor’s dismissal. Observers can also expect to hear arguments about the global financial importance of an independent central bank.Â
The Supreme Court has allowed Trump to run roughshod over other independent executive branch agencies, but appears to want to protect the Fed as a uniquely independent body.
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