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Trump says he has fired Fed governor Lisa Cook, escalating his battle against the central bank (www.cnn.com)

submitted 3 months ago by memfree@beehaw.org to c/usnews@beehaw.org

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While the firing may be challenged in courts, even going up to the Supreme Court, Trump’s firing of Cook puts the central bank of the world’s largest economy in uncharted waters.

For example, it’s unknown whether Cook would have to leave the Fed’s board immediately, and if so, will Trump have the opportunity to nominate someone else to fill her seat.

Per Rachael Maddow, the President does not have the legal authority to fire Cook, but of course we'll have to see who does what.

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[–] WatDabney@fedia.io 5 points 3 months ago

Huh...

This might just be an exceedingly rare instance in which those corrupt and compromised conservative fuckheads on the Supreme Court won't just rubber-stamp whatever Trump wants, since pissing off the Fed, and the entire banking/investing industry whose interests it represents, could be even worse for them than pissing off the Toddler-in-chief.