The U.S. Supreme Court blocks Trump from firing Federal Reserve Board Governor Cook

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Jinse Finance reported on June 29 that the U.S. Supreme Court blocked President Trump’s attempt to dismiss Federal Reserve governor Cook. This move strongly pushed back against the president’s attacks on the world’s most important central bank. The decision, passed 5 to 4, was the latest major check by the Supreme Court against the Trump administration. Earlier this year, the court also ruled that the president is not authorized to use emergency powers to levy tariffs, a ruling that shook one of the key pillars of the Trump administration’s economic policy. The decision announced on Monday overturned the first attempt by a U.S. president to remove a Federal Reserve governor. Critics had warned that such actions would weaken the central bank’s independence. However, on Monday the U.S. Supreme Court also cleared the way for President Trump to dismiss Federal Trade Commission (FTC) members without cause, giving the White House greater power and thereby strengthening control over independent regulatory agencies.
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