President Donald Trump’s bid to gain greater control of the Federal Reserve has been dealt a blow after the U.S. Supreme Court rejected his push to fire central bank governor Lisa Cook immediately.
The conservative-dominated court ruled on Wednesday that Cook could remain in her job for now, thwarting Trump’s desire to have greater sway over monetary policy by stacking the Fed with loyalists.
The move is likely to infuriate the president, who had tried to fire Cook over unproven claims of mortgage fraud.
However, she has denied the allegations and argued in court that the president lacked the authority to sack her on such grounds.
Wednesday’s ruling allows the Federal Reserve Bank Governor to remain in her job for now—at least until the Supreme Court hears the arguments from both parties in January next year.
This story will be updated…
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