Supreme court to consider Trump’s bid to fire Lisa Cook from Fed board – US politics live | US politics
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Special representative of US President Donald Trump Steve Witkoff He said he would meet with the Russian President Vladimir Putin on Thursday.
Witkoff told CNBC in an interview, referring to Putin:
Look, we have to go meet him on Thursday.
But it is the Russians who want this meeting. I think this is an important statement for them.
The Kremlin announced last week that it was preparing to welcome Witkoff and Trump’s son-in-law Jared Kushner It was stated that he went to Moscow for peace talks regarding Ukraine, but no date was determined.
Lauren Aratani
Lauren Aratani is the Guardian US correspondent
Trump’s removal offer Chef Last summer marked the first time in U.S. history that a president fired a sitting Fed governor. He was appointed by Joe Biden In 2022, she became the first black woman to serve on the Fed’s board of governors. Since Fed presidents serve for 14 years, their term is planned to end in 2038.
Management alleged that Cook committed mortgage fraud by misrepresenting multiple properties as his primary residence to obtain a better mortgage rate. Bill Pulte, Close ally of Trump and head of the Federal Housing Finance Agency, who has launched similar investigations against others, including New York’s attorney general Letitia James and Democratic senator Adam Schiff.
Cook’s lawyers accused management of “insignificant information gathering” and argued that Cook had accurately listed his property in other loan documents. They said the discrepancy the administration focused on was an “isolated notation.”
Beyond the mortgage fraud charge, Cook’s lawyers argue that Fed chairmen can only be removed “for cause” and that the Fed governor was denied due process in violation of the fifth amendment of the U.S. constitution.
You can read Lauren Aratani’s full report here: US Supreme Court to consider Trump’s bid to fire Lisa Cook from Fed board
US Supreme Court to consider Trump’s bid to fire Lisa Cook from Fed board
Hello and thank you for joining us on the US politics live blog.
US supreme court to hear oral arguments Donald Trump’s The Fed administration proposed firing a Federal Reserve governor Wednesday morning as it continues its extraordinary campaign to assert control over the central bank.
Trump tried to shoot Lisa Cook In August, apparent discrepancies in mortgage applications led officials to claim there was evidence of fraud.
It was the first time in 112 years that a president tried to remove a Fed governor.
A federal court blocked Cook’s removal, and Cook remained on the Fed’s rate-setting board. The Trump administration is waging an unprecedented battle with the Fed over interest rates after policymakers defied the president’s repeated calls for sharp interest rate cuts.
Meanwhile, the Department of Justice (DoJ) has been widely criticized for launching a criminal investigation into him this month. Jerome Powell, President of the US central bank. While Powell was being pursued over the renovation of the Fed’s historic office buildings in Washington, D.C., Powell argued that he was targeted because it “did not fit with the president’s preferences.”
Powell plans to attend Wednesday’s Supreme Court hearing in person. reports.
As president, Trump has enjoyed exercising the seemingly unlimited power of the executive branch, including allowing the so-called Department of Government Efficiency to fire tens of thousands of federal workers and cut funding for programs across the government.
But this case will test his limits. Last spring, Supreme Court justices briefly mentioned the high court in an unrelated ruling on two labor officials Trump fired. “The Federal Reserve is a uniquely structured, quasi-private institution that follows the distinct historical tradition of the First and Second Banks of the United States.” wrote.
Legal experts believe the memo softly implies that the court could give the Fed and its officials special protections not granted to other government agencies.
