Fed's Cook Can Stay, Trump Firing Power Expanded, More
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News when you want it. With Bloomberg News Now, I'm Doug Krisner.
What recent Supreme Court decisions affect Fed Governor Lisa Cook?
Today, the Supreme Court handed down several key decisions. One dealt with President Trump's attempt to fire Fed Governor Lisa Cook. The court ruled five to four that Cook can stay in her job as she fights the president's bid to oust her over unproven allegations of mortgage fraud. The justices faulted Trump for not giving Cook notice and a chance to be heard before trying to remove her. Here is Elizabeth Wydra of the Constitutional Accountability Center.
The Supreme Court's decision today makes clear that they are giving an additional measure of protection to Fed governors that they're not giving to people who are commissioners or leaders at other independent agencies, which doesn't really have a lot of internal coherence, but they certainly seem to be giving deference to the Fed.
That is Elizabeth Weidra, president of the Constitutional Accountability Center. Now, in a separate ruling, the court did expand the president's power to fire top government officials at other federal agencies. In a 6-3 decision, the justices overturned a 1935 precedent. that laid the legal groundwork for the modern administrative state. This ruling will allow the president to fire Democratic member of the FTC, Rebecca Kelly Slaughter, even though the law says commissioners can be removed only for specific reasons. Here is President Trump.
It gives me the right, and not me, it gives a president the right to do what the president should have the right to do. And it's very interesting. It's a big ruling. It's been going on for almost 100 years. They've been working on this and you know that it comes down at my term is a very great honor. but it bestows additional powers or maybe the same power on the president. The president has the right to do this.
Now, in other decisions, the high court-ruled federal law does permit mail-in ballots to arrive after Election Day. This ruling preserves grace periods in 30 states, and President Trump called it a tremendous loss, and he urged Congress to pass the Save America Act. That bill would change how Americans register to vote, and it also enforces purges of voter rolls. The court also agreed to decide whether strict voting laws in Arizona conflict with federal rules against voter suppression. The Arizona laws require people to show proof of citizenship when registering to vote using a state form. And the laws allow for regular purges of the voter rolls to remove people if their citizenship could not be confirmed.
Now, the Supreme Court justices will consider the Arizona laws once the election is 90 days away. The Supreme Court also declined to consider President Trump's attempt to overturn a jury verdict against him. Back in 2023, a jury held Trump liable for the sexual abuse and defamation of writer E. Jean Carroll. The court's decision means Trump will have to pay Carroll the $5 million judgment awarded by the jury, plus interest. A few major cases are undecided. One is the birthright citizenship ruling. Tomorrow, by the way, is the last day the Supreme Court will issue its decisions. Crude oil rose today after Iran said it will control the Strait of Hormuz with or without Oman. Iranian leadership said temporary transit routes through the strait will be designated by Tehran.
Now, earlier today, President Trump said peace talks with Iran are set to resume on Tuesday. Over the weekend, the two sides agreed to halt a series of tit-for-tat attacks over Hormuz. WTI rose more than 2% in New York trading to close at $70.75 the barrel. We go to Venezuela next where the search for survivors from twin earthquakes is ongoing. Today officials raised the death toll to over 1,700. More than 22,000 people have been injured and are being treated and nearly 16,000 people have lost their homes. Now, the response from the Venezuelan government is the first major political test for acting President Delcy Rodriguez.
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