"The justices said they would hear the case in January. In creating the Fed in 1913, Congress passed a law called the Federal Reserve Act, which included provisions to shield the central bank from political interference, such as allowing governors to be removed by a president only for cause, although the law does not define the term or establish procedures for removal. The law has never been tested in court."
"High court to hear arguments in January on whether Cook will lose her job but says she may stay in her post until then. The United States Supreme Court says it will hear arguments over President Donald Trump's efforts to remove Federal Reserve Governor Lisa Cook from her post. The court's announcement means Cook will stay in the job for now. The high court announced the decision on Wednesday."
The Supreme Court will hear arguments in January on President Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook, and Cook will remain in her role pending that review. The justices declined an immediate decision on a Justice Department request to stay a lower court order that temporarily blocks the removal. The White House's bid is the first-ever presidential effort to fire a Fed governor and raises questions about central bank independence. The Federal Reserve Act permits removal only for cause but does not define the term or set removal procedures. A district judge ruled the fraud allegations likely do not meet the Act's standard. Cook denies the allegations, sued, and her term runs through 2038.
Read at www.aljazeera.com
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