Trump is losing his fight with the Fed | CNN Business

Washington —

Throughout his second term, President Donald Trump has tried to bend the Federal Reserve to his will. On Monday, he suffered his biggest setback yet.

Trump last year tried to remove a sitting Fed governor, Lisa Cook, from the Fed’s powerful board, citing unproven allegations of mortgage fraud. No charges have been brought against Cook. But in a landmark case, the Supreme Court ruled against the president on Monday, saying the administration failed to give Cook the opportunity to address those accusations, as required by law.

Pushing out Cook, a key Fed policymaker who votes on interest rates, could have given Trump an opportunity to appoint a replacement more aligned with his push for lower borrowing costs. In a statement after the court’s decision, Cook said Trump’s efforts to oust her were “an attempt to remove me on a manufactured pretext.”

It’s just one way that Trump and his allies have tried to pressure the politically independent US central bank.