Trump Moves to Fire Fed's Lisa Cook. Here's What It Means

Trump is trying to fire Lisa Cook, a member of the Federal Reserve's Board of Governors. The move follows a Supreme Court ruling and could affect Jerome Powell, the Fed's chair, as well as the central bank's independence and interest rates. The Federal Reserve is the United States' central bank. It sets interest rates, which affect the cost of borrowing money for people and businesses. Cook's potential removal raises a key question: can a president fire a Fed governor? The Supreme Court ruling may open the door. If Trump succeeds, he could reshape the Fed's leadership. That could influence how the central bank sets interest rates — a decision that affects mortgages, credit cards and savings accounts. The fight is not just about one seat. It is about whether the White House can control the Fed, which is meant to operate independently.