Nina Totenberg
👤 SpeakerAppearances Over Time
Podcast Appearances
Today's case involves Trump's attempt to fire economist Lisa Cook, a Federal Reserve governor appointed by President Biden.
He's accused her of mortgage fraud, a charge she vehemently denies.
While that is the case officially before the court...
Ten days ago, the Trump administration clearly laid the groundwork for firing Fed Chair Jerome Powell, whom Trump himself appointed.
In subpoenas served on the Fed, the administration threatened Powell with a criminal indictment for allegedly lying to Congress.
about cost overruns on two Federal Reserve Board buildings.
That, in turn, prompted Powell to post on social media video in which he said that the threat was aimed at serving the president's political interests.
Nina Totenberg, NPR News, Washington.
President Trump, like other presidents before him, has tried to get the Fed to lower interest rates more quickly.
Doing so would almost certainly help his party in this year's elections.
But the Fed was established 112 years ago as an independent entity in order to insulate it from political pressure and to protect the country from rampant inflation.
that often results from lowering interest rates too quickly.
Frustrated by the Fed's caution, Trump tried to fire board member Lisa Cook and clearly has the Fed chairman Jerome Powell in his sights, even though he picked Powell as the Fed chair in 2018.
Today, the Supreme Court hears arguments as to whether the president has that power or whether the law protecting the Fed should remain intact.
Nina Totenberg, NPR News, Washington.
Last August, President Trump tried to fire economist Lisa Cook, appointed to the Fed by President Biden.
But the court allowed Cook to remain in office while her case is litigated.
Today at the Supreme Court, President Trump's lawyers will try to frame the case narrowly, alleging that Trump is removing Cook for cause, namely that she falsified documents to obtain loans on two different properties.
She denies any wrongdoing whatsoever, but the Trump administration maintains that once the president has determined he has cause to fire a Fed board member, that decision is not reviewable by any court.