Justices find president does not have constitutional authority to fire Federal Reserve governor without cause
The US supreme court has refused Donald Trump’s attempts to immediately fire a Federal Reserve governor, in a landmark ruling that limits a president’s authority over the central bank.
In a 5-4 opinion, the court said that Lisa Cook can stay on as a governor while she fights unproven allegations of mortgage fraud made by the Trump officials.
“The Court decides this application on the narrow ground that the President failed to afford Cook the procedural protections to which she was entitled by statute. Without such protections, she could not properly dispute the charges the President laid against her,” the justices said.
The case was centered on Cook, a Joe Biden appointee whose 14-year term on the Federal Reserve board of governors is scheduled to expire in 2038. Cook is the first Black woman to serve on the Fed’s board.
The court was largely expected to go against Trump on this one because even they should understand that letting him mess with the Fed would be bad for their money, and it was still 5-4.
You can tell this because the Slaughter ruling released at the same time undermines independent agencies, the Court says the Fed is a special case for some reason. Hmmm…
It’s not logic, they want a King, just not one who can fuck up their portfolio. Clownshoes Court.
Yeah. The article doesn’t say anything about the dissenting opinions, but I think the 4 who dissented on the Fed case might have just been honest enough to say there’s no legal reason to treat it differently from the FTC.
But… woman and black and enemy of daddy trump… doesn’t matter what consequence would come of it.
Much like all other fires their king starts that ends up being negative for them one way or another, it’s like they feel “it’s God’s plan” because their king does it.
They need to both signal that they’re largely on board for Trump’s remaking of the federal government and that they’re reliable billionaire bootlickers. What’s a reactionary judge who isn’t bound by laws, ethics, precedent, responsibility, fairness, or reality to do?
Yeah, the difference between the Fed and literally every other independent agency is that the Fed is good for rich people and everything else could constrain them in some way.
Been a minute. This is a good news
That’s fine, he’ll just drag her to court on trumped-up charges until she leaves
I mean, that was already happening, but i think you underestimate the stubbornness of Fed Governors. Their term is 14 years and while the immediate scope of their abilities is limited, merely a few misplaced (or properly placed) words can Utterly Fuck Things Up for the entire global market. Changes in expectations lead to blah blah blah you don’t want an economics lecture. In some (limited) ways, they are more powerful than a US President [that acts in good faith, which let’s be real. that good faith presumption kind of undermines most everything in the field of economics]. and some of them i’m very sure see themselves that way. if they put me in that position, i’d sure as fuck take an “i was here before you, i’ll be here after you, and as crab god as my witness you will leave the country in better shape than you found it or we are getting la chancla” attitude toward the rest of the government.
cool, don’t think donald cares tho. Nothing will happen just like the other times this happened.
Wow… they’re actually making some good decisions lately.
They are not. The same day they decided every other independent board could be fired by the president at will.
They take a few cases that are obvious or not impactful to pretend to be impartial. None of these good decisions should have even made it to the Supreme Court.
