A U.S. appeals court declined on Monday to allow Donald Trump to fire Federal Reserve governor Lisa Cook — the first time a president has pursued such action since the central bank’s founding in 1913 — in the latest step in a legal battle that threatens the Fed’s longstanding independence.
The decision by the U.S. Court of Appeals for the District of Columbia Circuit means that Cook can for now remain at the Fed ahead of its policy meeting on Tuesday and Wednesday, when it is expected to cut U.S. interest rates to shore up a cooling labour market.
The court denied the Justice Department’s request to put on hold a judge’s order temporarily blocking the Republican president from removing Cook, an appointee of Democratic former president Joe Biden.
Court says he can’t fuck kids, but did that stop him.
Meanwhile the performative senate has already confirmed a replacement. Republicans have completely removed the rule of law.
Damn, that did happen. https://apnews.com/article/federal-reserve-miran-trump-70a09bdf2e10839f35e1596cafe5c415
No it didn’t, this was for “Adriana Kugler”'s seat.
Heading to SCOTUS? Gorsuch & Kavanaugh have been drooling for the right moment to declare independent agencies unconstitutional, let alone Thomas and Alito. That’s 4 votes right there.
Yep, straight to SCOTUS.
The thing that makes the outcome suspenseful is that Gorsuch and Kavanaugh have been signalling “but not the Fed” when they’re attacking agency independence. Probably because they have stock portfolios.
So it seems like they may try to carve some distinction that saves the Fed from the same fate as the FTC, CFPB, NRLB, and merit protection board. It’s not at all clear what’s that might be.
Can’t imagine what Frankenstein interpretation of the law would allow for that. If you believe in the unitary executive, then it should unitary.
That said, Gorsuch in 2019 gave his full throat endorsement of unitary executive in Gundy. Kavanaugh also joined the court at the time and while he didn’t take part Gundy, he later signaled his support of Gorsuch’s take.
Which begs the question… it’s been six years and they haven’t put their money where their mouth is. Maybe they’re ready now — but I agree with you, it’s felt a little like they might be worried about the consequences of what a unitary executive would mean.
Fire her, don’t fire her, but the writing’s on the wall at this point. This decision doesn’t change that the trust in the US dollar has been severely injured by the administration. The world is rotating out of the dollar and into other holdings to hedge against madness such as politically-motivated firings at the Federal Reserve.
We should not have reached this point. It is insanity.
It’s part of trump’s twisted plan. Devalue the dollar so it’s easier to sell and export stuff so you bring manufacturing back, and this bring back that golden age.
That it was only golden because the rest of the world didn’t have manufacturing yet or it was blown up in the war is not taken into account. That it might lead to sweatshop like conditions this time around is not his problem.
The list of legal things Trump has done this presidency might be shorter.