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The Federal Reserve: Its Powers, Political Independence, and the Lisa Cook Controversy

The Federal Reserve (the Fed) is the U.S. central bank, a unique institution designed to be independent from political pressure. Its core mission is to manage monetary policy to promote stable prices and maximum employment. This independence is safeguarded by long, staggered terms for its Governors and its financial autonomy.
However, this independence is facing a direct challenge from the Lisa Cook case. Following a public declaration by Donald Trump that he would fire Governor Cook, a lawsuit was filed to protect her position. The legal argument hinges on a 1935 Supreme Court precedent that limits a president's power to remove officials of independent agencies for political reasons. A federal judge has issued a temporary injunction, allowing Governor Cook to remain in her post while the case proceeds.
This ongoing legal battle is a critical test for the Fed's autonomy and the fundamental principle of separation of powers in the U.S. government. Its outcome will have a lasting impact on the relationship between the presidency and the central bank, shaping the future of economic policy.

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