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Trump suffers Supreme Court setback in bid to fire Fed governor
Six out of nine US Supreme Court justices have indicated support for keeping a central bank interest rate-setter in her job, in defiance of the Donald Trump administration.
The White House moved last year to remove Lisa Cook, a member of the Federal Reserve's board, from her role, claiming she had committed mortgage fraud - a claim she has strongly denied and that has resulted in no criminal charges. Financial markets and political commentators widely saw the move as part of the US president's efforts to force interest rate cuts out of the central bank, in defiance of its mandate and independence.
Money latest: Nationwide reveals expansion of mortgages worth six times salary He has previously called for the removal of Fed chair Jay Powell, who spoke out against the administration earlier this month when it emerged he himself was facing a criminal investigation. While Ms Cook - a Biden-era appointee - is bringing her own legal case, the Supreme Court heard arguments on Wednesday over whether she could stay on while her challenge plays out.
Allowing Ms Cook's firing to go forward "would weaken, if not shatter, the independence of the Federal Reserve.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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