The Supreme’s heard arguments today….
The tea leaves say the Court will back the Reserve member’s holding on to their job, free of Trump efforts to influence , or remove them….
Fed Chair Powell and member Lisa Cook seem to be safe until their term’s are up….
(Trump having the Justice Dept. mess with Powell isn’t gonna work either)
In addition?
Trump’s choice for the Board MUST get US Senate confirmation and THAT WILL have to pass the smell test for the ‘Market’….
The Supreme Court on Wednesday seemed poised to reject President Trump’s bid to immediately remove Lisa D. Cook from the Federal Reserve board, with key justices expressing concern about undermining the longstanding independence of the central bank.
Justices from across the ideological spectrum questioned whether the allegations President Trump lodged against Ms. Cook — an unproven assertion that she engaged in mortgage fraud before taking office — were serious enough to allow the president to fire her.
They suggested it was premature for the court to resolve the case when there were still factual disputes over those allegations, and they sounded skeptical that Ms. Cook had received sufficient noticeof Mr. Trump’s accusations and an opportunity to respond.
After about two hours of argument, a majority of the justices seemed likely to order additional proceedings, perhaps in the lower courts, meaning the Supreme Court’s ruling may not be the final word in the case. But if the justices agree to allow Ms. Cook to keep her job in the meantime, the result would be that the president’s effort to reshape the Fed would be frozen for now.
The court’s conservative majority has repeatedly allowed Mr. Trump to oust leaders of other independent agencies as he moves to expand presidential power and seize control of the federal bureaucracy. But the justices have signaled that the Fed may be different and uniquely insulated from executive influence because of its structure and history.
Key justices sharply questioned the Trump administration’s lawyer about the implications of the president’s position for the independence of the Fed and the economy.
Justices Brett M. Kavanaugh and Amy Coney Barrett, who are often in the majority, noted that former Fed chairs and Treasury secretaries had warned against allowing the president to immediately remove Ms. Cook.
Accepting the president’s view, Justice Kavanaugh said, would “weaken, if not shatter, the independence of the Federal Reserve,” opening the door to future presidents trying to dismiss Fed officials “at will.”….
Note….
Ya don’t get this one Donald….
Powell’s term as the head of the Fed end’s in May….
Trump will have to wait till then….
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