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The U.S. Supreme Court has ruled that President Donald Trump cannot immediately fire Federal Reserve Governor Lisa Cook, affirming the Federal Reserve's independence from executive interference. The decision, made by a narrow 5-4 vote, allows Cook to retain her position while contesting Trump’s efforts to remove her, which he based on unproven allegations of mortgage fraud.
This ruling represents a significant assertion of the Fed's autonomy and a limitation on presidential power in this context. However, the court's decision did not entirely restrict Trump’s authority, as it upheld the President's ability to dismiss heads of other independent federal agencies. The case regarding Cook’s potential removal will now return to lower courts for further proceedings, underscoring ongoing tensions between the administration and the central bank.
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30 June
The Supreme Court reaffirms its decision against Trump's efforts to dismiss Lisa Cook from the Federal Reserve.
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