WASHINGTON (CN) — President Donald Trump’s effort to control monetary policy faces Supreme Court review next week, where the justices could decide whether the Federal Reserve is truly independent.
Fed Chair Jerome Powell warned that the Justice Department had opened a criminal investigation as part of a pressure campaign to lower interest rates and temporarily boost the economy. But the Supreme Court’s review of Trump’s authority to fire Powell’s colleague on the Board of Governors, Lisa Cook, could fundamentally alter the central bank and the nation’s economy.
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