LOADING ERROR LOADINGPresident Donald Trump’s effort to seize control of the Federal Reserve by firing Governor Lisa Cook over bogus charges of mortgage fraud ran into a wall of opposition during arguments before the Supreme Court on Wednesday. AdvertisementThe Federal Reserve would not be independent “if there is any level of cause” for removal, as the Trump administration argued, Chief Justice John Roberts said. When Congress created the Federal Reserve, it made it independent of presidential control by restricting the removal of its Board of Governors to cause only. No governor had been removed by a president for cause until Trump attempted to fire Cook. It also comes as the Department of Justice announced a criminal investigation into Federal Reserve Chair Jerome Powell.

Source: Huffington Post January 22, 2026 02:49 UTC