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.
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.