The Trump administration has asked the U.S. Supreme Court to allow the firing of Federal Reserve Governor Lisa Cook. This unprecedented move challenges the independence of the Fed, which has been protected since its founding in 1913. President Trump seeks to remove Cook, a Biden appointee, citing alleged mortgage fraud as the reason. On September 9, U.S. District Judge Jia Cobb temporarily blocked the removal, ruling that Trump’s claims likely do not constitute sufficient legal grounds under the law that governs the Fed. (Source: Reuters)