President Trump claimed he has cause to remove a member of the independent board who has not obeyed his demands to vote for lower interest rates.

If the courts allow Trump to get away with firing Lisa Cook, the Fed will be stripped of its insulation from political pressure.

President Trump claimed he has cause to remove a member of the independent board who has not obeyed his demands to vote for lower interest rates.

If President Trump succeeds in replacing Lisa Cook, his nominees will make up a majority of the Federal Reserve’s seven-person board.

The Supreme Court has said the Federal Reserve Board’s independence warrants protection. President Trump’s effort to fire a member will test that commitment.

Lawyers for the administration told a court it should be “highly deferential” to the president when it comes to firing a Federal Reserve governor “for cause.”