High court hears Fed case

The US Supreme Court was to hear arguments yesterday over President Donald Trump’s attempt to fire a Federal Reserve governor, a case that could have far-reaching consequences for the central bank’s independence.

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Cook: Claims innocence

Mr Trump sought in August to dismiss Fed governor Lisa Cook, a key official serving on the Fed’s interest rate-setting committee, accusing her of mortgage fraud. She denies the charges.

The conservative-dominated Supreme Court barred Mr Trump from immediately removing Ms Cook, allowing her to remain in her post until it could hear the case contesting her dismissal.

In a sign of the significance of the case and public support for Ms Cook, Fed Chair Jerome Powell said he planned to personally attend yesterday's Supreme Court hearing, a source familiar with the matter told AFP.