17:53:17 EST Thu 22 Jan 2026
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Globe/NYT say BofA, rivals hear SC siding against Trump

2026-01-22 08:28 ET - In the News

See In the News (C-BOFA) Bank of America CDR (CAD Hedged)

The Globe and Mail reports in its Thursday edition that the U.S. Supreme Court on Wednesday appeared likely to deny President Donald Trump's attempt to remove Lisa Cook from the Federal Reserve, as several justices voiced concerns about jeopardizing the long-standing independence of the central bank. A New York Times dispatch to The Globe reports that justices questioned whether President Trump's unproven claim that Ms. Cook engaged in mortgage fraud was serious enough for him to fire her. They argued it was premature for the court to decide the case due to ongoing factual disputes and expressed skepticism about whether Ms. Cook had enough notice and opportunity to respond to Mr. Trump's accusations. After two hours of debate, most justices appeared likely to order further proceedings in the lower courts, meaning the Supreme Court's decision may not be final. If Ms. Cook can keep her job for now, it would halt the President's efforts to reshape the Fed. The court's conservative majority has permitted Mr. Trump to remove leaders of independent agencies, aiming to expand presidential power. However, the justices suggest that the Fed may be uniquely insulated from executive influence due to its structure and history.

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