Will the Supreme Court Save the Fed from Trump?
Federal Reserve Governor Lisa Cook and attorney Abbe Lowell leave the U.S. Supreme Court on January 21. (Kevin Dietsch/Getty Images)
The justices seem to think almost every appointee can be fired by the president—except for members of the central bank.
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“You’re fired” was one of Donald Trump’s favorite things to say long before he became president. In the White House, he’s said it to more top appointees than any past commander-in-chief.
But President Trump crossed a line when, last August, he tried to fire Lisa Cook, a member of the Federal Reserve Board of Governors. Cook is one of three Democratic appointees on the seven-member board. Replacing her could make the board more willing to adopt the interest rate cuts that Trump wants.
It was the first time in U.S. history that a president had sought to remove one of the Fed’s governors, who by statute can be fired only for cause. Yesterday, the Supreme Court heard argument in Cook’s case, and it didn’t go so well for the White House.
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