Supreme Court rules Trump cannot fire Fed member Lisa Cook
4 hours ago
- #Supreme Court
- #Executive Power
- #Federal Reserve
- Supreme Court rejects Trump's attempt to fire Federal Reserve board member Lisa Cook.
- Court overturns 1935 precedent, allowing Trump to fire Federal Trade Commission members.
- Decisions split 5-4 in Cook case (liberals join majority) and 6-3 in Slaughter case.
- Ruling creates a 'Federal Reserve exception' protecting its independence from political interference.
- Trump gains broader power to fire members of many other independent federal agencies.
- Chief Justice Roberts emphasizes presidential accountability over congressional removal restrictions.
- Cook can contest firing with notice and response, but merits of fraud claims unaddressed.
- Trump has fired thousands of federal workers and reshaped agencies using executive power.
- Markets rely on Fed independence; no prior president tried to fire a top Fed official.
- Senate confirmed Kevin Warsh as new Fed chair, replacing Jerome Powell whose term ends 2028.