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Business & Economy

The Big Story

Supreme Court halts Trump’s firing of Lisa Cook

The Supreme Court blocked President Trump’s firing of the Federal Reserve board member on Monday in a 5-4 vote, ruling she can remain as her legal challenge proceeds.

©  Greg Nash

Trump became the first president to attempt to fire a Fed board member in its 112-year history when he sacked Cook last year over accusations of mortgage fraud.

Chief Justice John Roberts wrote that the president didn’t provide her enough process to contest the allegations.

“To be clear, the ultimate question of whether the President can remove Cook for cause will depend in part on the underlying facts,” Roberts wrote.

“In this opinion, we have not addressed the facts, as they have yet to be found or analyzed under the relevant legal standards. Rather, we have simply addressed the parties’ arguments about the appropriate legal standards under which the facts must be evaluated,” he continued.

Roberts joined the court’s three liberals and Justice Brett Kavanaugh, one of Trump’s appointees, to form the five-justice majority

The court’s four other conservatives — Justices Clarence Thomas, Samuel Alito, Neil Gorsuch and Amy Coney Barrett — dissented.

“Many do not share the Court’s rosy appraisal of the past century. But if the Court prefers an independent Federal Reserve Board, then its issue is not with the President but with the Constitution,” Thomas wrote.

Read more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

Bill Pulte, the director of the Federal Housing Finance Agency (FHFA), reiterated his allegations of mortgage fraud against Federal Reserve board member Lisa Cook on Monday, after the Supreme Court blocked President Trump from immediately firing her for cause.

Former Federal Trade Commissioner Rebecca Slaughter on Monday called on Congress to reassert its authority as a coequal branch of government after the Supreme Court ruled that President Trump had the authority to fire her last year.

There is bipartisan support for tighter regulation on AI, according to a new poll.

In Other News

Branch out with more stories from the day:

A former Meta executive whose memoir, “Careless People,” provides an explosive insider …

Good to Know

Business and economic news we’ve flagged from other outlets:

Dow jumps 300 points for first close above 52,000, powered by new member Alphabet (CNBC)

In San Francisco, Even $180,000 Tech Salaries Are No Longer Enough (NYT)

The Biggest Winner in Lisa Cook Case? Fed Chairman Kevin Warsh (WSJ)

What Others are Reading

Top stories on The Hill right now:

The Supreme Court will hand down all of its remaining opinions from this term Tuesday, setting the stage for a blockbuster day with decisions expected on birthright citizenship,  transgender athlete bans and campaign finance.  Read more

It was a mixed bag for President Trump at the Supreme Court on Monday.  Read more

You’re all caught up. See you tomorrow!

Tags

Amy Coney Barrett

Bill Pulte

Brett Kavanaugh

Clarence Thomas

John Roberts

Kevin Warsh

Lisa Cook

Neil Gorsuch

Samuel Alito

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