On the 1st, the U.S. Supreme Court rejected President Trump‘s request, which had called for the immediate removal of Federal Reserve Board member Cook. It was a blow to Trump, who is aiming to expand his influence on the Fed.
This will allow Cook to remain in his position, at least until the Supreme Court makes a decision after the oral argument in January next year. Cook has continued his duties since late August, when Trump announced his removal due to allegations of fraud involving his mortgage contract. He denied the suspicion.
The Supreme Court also said it would suspend a decision on Trump’s motion for dismissal while the Justice Department appeal over Cook’s dismissal is heard. The lower court said that Cook is likely to win the lawsuit. No judge expressed dissent against the decision.
The Supreme Court has largely supported Trump’s position this year in a lawsuit over Trump’s removal of several federal executives. However, this decision regarding Federal Reserve Director Cook has particularly significant implications. This is because it has historically been essential for the Fed to maintain its independence from the White House in order to ensure economic stability.
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Original title:Supreme Court Refuses to Let Trump Immediately Oust Fed’s Cook（抜粋）
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