A case that could provide the Trump administration with new and expansive power over the traditionally independent Federal Reserve got its first court hearing Friday. Federal Reserve Governor Lisa Cook has requested an emergency injunction to block President Donald Trump’s attempt to fire her over allegations that she committed mortgage fraud when she purchased a home and condo in 2021. She was appointed to the Fed’s board by former president Joe Biden in 2022. If her firing is allowed to stand, it would likely erode the Fed’s longstanding independence from day-to-day politics. No president has ever fired a Fed governor in the agency’s 112-year history.
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