Trump asks Supreme Court for green light to fire Lisa Cook from Fed
It's the first time a president has tried to fire a Fed governor, with Fed Chairman Jerome Powell also in the crosshairs.
Lisa Cook
The Department of Justice (DOJ) on Thursday asked the Supreme Court to give the green light to the president's decision to remove Federal Reserve Governor Lisa Cook over allegations of mortgage fraud.
The administration waited until the conclusion of this week's Fed meeting to cut interest rates (in which Cook participated), before turning to the high court that has on more than one occasion ruled in Trump's favor in emergency cases.
The petition written by Solicitor General D. John Sauer alleges inthat the lower decisions "ignore many aspects of this Court's precedents."
The document opens a Supreme Court battle over the independence of the Federal Reserve, which has traditionally been seen as an institution removed from the political interests of the White House.
Trump is the first president to try to fire a Fed governor. He has also targeted Fed Chairman Jerome Powell, even threatening to fire him.
Trump fired Cook last month
The president fired Cook last month, citing a criminal complaint from the Federal Housing Finance Agency that claimed she designated properties in Michigan and Georgia as primary residences, a move that could result in lower mortgage rates.
At the time, the governor's lawyers insisted she has not committed mortgage fraud and say press reports related to the matter have misrepresented information.
Trump administration's emergency request
The decision, made by a divided three-judge panel, keeps in place a lower court order that had blocked the dismissal while the legal process moves forward.
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