US President Donald Trump’s economic agenda is now set on a collision course with the Supreme Court. In the coming weeks the court will likely have to weigh in on both Trump’s unprecedented use of emergency powers to levy tariffs on the world and his escalating war with the Federal Reserve. The justices’ decisions in these cases will either constrain or unleash the president’s attempts to remake the US and global economy and will reverberate well beyond his term. First, the Federal Reserve. On Monday night, Trump attempted to fire Federal Reserve Governor Lisa Cook based on an allegation of mortgage fraud. If successful, it would be the first time in the 112-year history of the Federal Reserve that a governor had been fired. Cook was appointed to the Fed by President Joe Biden in 2022. Her Senate-confirmed term isn’t scheduled to end until 2038. The predicate for her firing came from the Trump-appointed director of the Federal Housing Finance Agency, Bill Pulte, who seems to have pulled her mortgage paperwork prior to her time at the Fed. In a letter to the US attorney general dated August 15, Pulte claimed Cook listed two different properties as her primary residence. US Department of Justice attorney Ed Martin followed up by writing to Fed Chair Jerome Powell: “I encourage you to remove Ms. Cook from your Board. Do it today before it is too late!”
Trump’s economic agenda is set to collide with the Supreme Court – Atlantic Council
