US supreme court rules Trump’s firing of Lisa Cook from Fed was unconstitutional

The US supreme court has ruled that Donald Trump’s firing of a Federal Reserve governor was unconstitutional, in a landmark ruling that limits a president’s authority over the central bank. In its opinion, the court said that Trump does not have the constitutional authority to fire a Fed governor without cause. The case was centered on Lisa Cook, a 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. Last August, on social media, Trump abruptly fired Cook. The president claimed he had evidence that Cook committed mortgage fraud, an illegal practice where a homebuyer lists a second property as a primary resident to get a better mortgage rate. Cook denied the allegations and sued the Trump administration, saying it fired her without cause. The justices’ protection over the Fed decision is a departure from how the court has handled Trump in his second term, allowing the president broad power to carry out his agenda without congressional approval. The court allowed Trump to remove a Democratic-appointed member of the National Labor Relations Board (NLRB), leaving the powerful union board without a quorum needed to decide on labor disputes. …