The Supreme Court will hear oral arguments today over President Donald Trump’s effort to fire Federal Reserve Governor Lisa Cook, one of the highest-profile cases of a jam-packed session.
Trump’s push to fire Cook over unproven mortgage fraud allegations is part of his broader assault on Fed independence, which has earned him criticism from Republican lawmakers because of its potential negative effect on the US economy.
“It’s no exaggeration to say that the economic and constitutional foundations of the country are on trial in this case,” a former Treasury adviser told The Washington Post.
A ruling against Cook would threaten a 90-year decision limiting presidents’ ability to fire independent agency officials.
Fed Chairman Jerome Powell is expected to attend the arguments; Treasury Secretary Scott Bessent criticized Powell’s plans on CNBC, arguing his presence would suggest an attempt to “politicize the Fed.”