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Supreme Court Defends Fed Independence | Raleigh News
The Supreme Court just handed the Federal Reserve a major win, ruling 5-4 that presidents can’t fire Fed governors on a whim — a crucial safeguard for economic independence. The case, centered on Governor Lisa Cook targeted by politically motivated mortgage fraud claims, found the president failed to follow proper procedures, including giving her notice and a chance to respond. While the Court simultaneously weakened presidential firing power at other agencies — overturning a 91-year-old precedent — the Fed’s protection stands firm: governors can only be removed for proven misconduct. Cook’s…
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