Trump Urgently Asks Supreme Court to Oust Fed Governor Cook

URGENT UPDATE: The Trump administration has just filed an emergency request with the Supreme Court to remove Lisa Cook from the Federal Reserve board of governors. This unprecedented move comes after an appeals court denied the administration’s effort to oust Cook, a decision that could significantly impact the Fed’s independence.

This request, submitted on Thursday, October 19, 2023, marks a critical moment in Trump’s ongoing campaign to reshape the Fed’s governing board, which consists of seven members. Historically, no president has successfully removed a sitting Fed governor in the agency’s 112-year history. Trump’s push to unseat Cook highlights the tensions between political influence and the Fed’s traditionally independent role in economic management.

Cook, who was appointed by President Joe Biden, has firmly stated that she will not resign and will not be “bullied” by Trump. Her attorney, Abbe Lowell, emphasized that Cook “will continue to carry out her sworn duties as a Senate-confirmed Board Governor,” indicating a potential legal battle ahead as the Supreme Court weighs the administration’s request.

This development carries significant implications for the Federal Reserve’s operations and its ability to function without political pressure. The Fed plays a crucial role in shaping monetary policy, which affects everything from interest rates to inflation. Trump’s actions raise questions about the future independence of the central bank and could set a precedent for political intervention in economic governance.

As this story unfolds, all eyes will be on the Supreme Court to see how they respond to this urgent plea. Observers are keen to understand the ramifications of this case not just for Cook, but for the integrity of the Federal Reserve as an institution.

Stay tuned for updates on this critical situation as it develops.