US President Donald Trump asked the Supreme Court on Thursday to allow him to fire Federal Reserve Governor Lisa Cook, setting up a high-stakes decision that could pierce the central bank's independence.
In a court filing, the Trump administration requested an emergency order to remove Ms Cook from the Federal Reserve board. An appeals court on Monday blocked Mr Trump's attempt to oust her in a divided decision.
“This application involves yet another case of improper judicial interference with the President's removal authority – here, interference with the President's authority to remove members of the Federal Reserve Board of Governors for cause,” the Justice Department wrote in a court filing.
Ms Cook sued Mr Trump in August after he moved to fire her over unsubstantiated allegations of mortgage fraud. Ms Cook has not been charged of a crime, has denied the allegations and maintains the President does not have the authority to fire her. The White House argues that Mr Trump acted within his duty to fire Ms Cook.
“That the Federal Reserve Board plays a uniquely important role in the American economy only heightens the government’s and the public’s interest in ensuring that an ethically compromised member does not continue wielding its vast powers,” the Justice Department wrote.
Under the Federal Reserve Act, Fed officials can only be fired “for cause”, which is generally thought to be considered malfeasance or neglect of duty. However, this has never been tested in court and no Fed official in the 111-year history of the US central bank has been fired.
Mr Trump has sharply criticised Fed Chair Jerome Powell and his colleagues this year for keeping interest rates unchanged, and Ms Cook has argued the President's attempt to oust her is a pretext to change monetary policy.
Ms Cook participated in the Federal Reserve's two-day policy meeting earlier this week, where it reduced interest rates by 25 basis points to bring the central bank's target range between 4 and 4.25 per cent. The Fed also signalled it expects to cut rates by a further 50 basis points this year.
Mr Powell, who is a defendant in the case given his capacity to carry out Mr Trump's order, declined to comment on the embattled Fed governor's legal battle on Wednesday. “I see it as a court case that it would be inappropriate for me to comment on,” he said. The Federal Reserve and White House previously said they would abide by the court's decision.
Bill Pulte, director of the Federal Housing Finance Agency, first raised the mortgage fraud allegations in August. The allegations focus on two properties in Michigan and Georgia that they argue are listed as her primary address.
A loan estimate for an Atlanta home purchased by Ms Cook in 2021 showed that she declared that property as a “vacation home”, Reuters reported, undercutting the Trump administration's argument. If he is successful in ousting Ms Cook, Mr Trump would be able to nominate another member to the Fed to carry out the remainder of her term, which expires in 2038.
Mr Trump's attempt to oust Ms Cook is the most extraordinary step he has taken to reshape the Federal Reserve since retaking office earlier this year. If successful, the move to oust her could pierce the idea of Fed independence, which plays a crucial role in the stability of global financial markets and the role of the US dollar. Economists also say efforts to tamper with the Federal Reserve's independence could lead to higher interest rates.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
