Overhauling the central bank’s Board of Governors would grant the president greater sway over the Federal Reserve, an institution that is supposed to be independent from the White House.
President Trump has spent months demanding that Jerome H. Powell, the Federal Reserve chair, lower interest rates. The two toured the Fed’s renovation site in July after the president accused Mr. Powell of mismanaging the project.
Lawyers for the administration told a court it should be “highly deferential” to the president when it comes to firing a Federal Reserve governor “for cause.”
The Justice Department said President Trump had sufficient cause to dismiss Lisa Cook, a Federal Reserve governor, over allegations that she had engaged in mortgage fraud, even though she has not been charged with any wrongdoing.
President Trump’s effort to oust the Federal Reserve governor has kicked off a landmark legal battle, one that will have far-reaching consequences for the institution’s independence.
Natasha Sarin walks through how Trump’s tariffs, the A.I. boom and the leadership shake-up at the Bureau of Labor Statistics are impacting the economy.
A Wells Fargo banker and a U.S. government employee were blocked from leaving and a Japanese pharmaceutical executive was imprisoned, even as Beijing tries to court overseas investors.
“We neither deny nor accept this,” Mexico’s president said about U.S. accusations that Mexican firms laundered millions of dollars in connection with fentanyl trafficking.
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