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Tackling an issue with huge ramifications for both the economy and the structure of government, the Supreme Court on Wednesday considers President Donald Trump’s attempt to oust Federal Reserve board member Lisa Cook. With Trump seeking to exert control over the central bank, which, among other things, sets interest rates, the case has taken on even greater importance after it emerged that the Justice Department is investigating Federal Reserve Chair Jerome Powell. Congress set up the Federal Reserve to be independent, so it would not be influenced by immediate political concerns in fulfilling its mandate to maintain price stability and low unemployment. Under the Federal Reserve Act, presidents are restricted from removing governors unless it is “for cause,” meaning there is evidence of wrongdoing. Trump has said he wants to fire Cook for cause, over allegations of mortgage fraud made by one of his political appointees, Federal Housing Finance Agency Director Bill Pulte. Cook has denied the allegations, and bank documents obtained by NBC News appear to contradict the fraud claim. The Supreme Court in October refused to allow Trump to fire Cook immediately, instead scheduling oral arguments in the case, suggesting the administration may face an uphill battle over his claim that the decision to remove her cannot be challenged in court. Cook’s lawyers argue she should have notice and a chance to rebut Trump’s stated reasons for firing her before she can be removed. They say Trump’s rationale does not meet the threshold for “for cause” removal. Solicitor General D. John Sauer, representing the Trump administration, says in court papers that Cook has no right to any kind of hearing challenging her firing. It is up to the president alone to decide whether the “for cause” hurdle is met under the powers allocated to him under Section 2 of the Constitution, he said. Powell is expected to attend Wednesday’s argument. Trump has long been critical of the Fed, and Powell in particular, for not doing more to lower interest rates, though he originally appointed Powell to the position in 2017. Trump has not moved to fire Powell, though the Justice Department investigation, related to testimony Powell gave to Congress about refurbishments at the Fed’s headquarters in Washington, could similarly give him a reason. Although Powell’s term as chair ends in May, he could stay as a board member until 2028. President Joe Biden appointed Cook to a term that ends in 2038. Trump Administration Jan 20 Jerome Powell to attend Supreme Court arguments in case on Trump's power to fire Fed Gov. Lisa Cook Trump Administration Sep 18, 2025 Trump asks the Supreme Court to allow him to fire Fed member Lisa Cook Trump Administration Sep 15, 2025 Senate confirms Trump Fed pick; appeals court blocks removal of Lisa Cook The Trump administration’s handling of Cook and Powell has raised alarm among former Fed officials and Trump critics who say the Federal Reserve must maintain its independence to be effective and fear it could be directly controlled by the White House. “We are in an unprecedented moment right now. President Donald Trump is doing everything he can to take over America’s central bank so that it works for him, along with his billionaire friends,” Sen. Elizabeth Warren, D-Mass., told reporters last week. While Warren has been a critic of Fed policies that she sees as favoring Wall Street and big banks, she added, “I think we can all agree that the Fed works best when its decisions are based on data.” Economists warn that lower rates in the short term to achieve Trump’s political goals could have negative long-term consequences. “This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” former Fed chairs and other former…

What to KnowA whopper of a winter storm is set to impact a large chunk of the U.S. – from Texas to the East Coast – this weekend. It’s too early to predict how much snow may get locally. It all depends on track.A northern track means the low-pressure system will be closer to the tri-state and snow is more likely. A more southern track would send the bulk of the snow well to our south.We are confident that this storm will track south of New York City, so within the tri-state, Central and South Jersey are most likely to see heavy snow. The Hudson Valley is least likely to see it.Meanwhile, the dangerous cold continues on Wednesday. And the weekend will be worse. Brutal cold sticks around all next week. A winter storm is expected to slam a large chunk of the U.S. this weekend, delivering a wallop that could bury parts of New Jersey, DC, and the South in snow and ice, and have major impacts on the New York City area. It’s still too early to talk potential totals for the region. Winter weather advisories, watches, and warnings from the National Weather Service are expected. Right now, those watches are southwest of us. We are certain that a major winter storm will take shape. Whether or not we get snow in the tri-state, let alone how much, will depend on that track of the storm. That is the tricky part of this weekend’s forecast. Significant changes are expected to occur over the next few days. A northern track means that the low-pressure system will be closer to the tri-state and snow is more likely. Conversely, a more southern track means the low will be displaced from the tri-state and the bulk of the snow would be well to our south. The other near-certainty in this weekend’s forecast is that temperatures in the tri-state will be bitterly cold.  Highs will only be in the teens. That frigid air will be very dry, which means that there may not be enough moisture to produce a ton of snow.  Often, when an extremely cold air mass like this anchors over the Northeast, winter storm tracks track far south, where moisture is much more abundant, and the deepest snow winds up south of New York City. The European long-range forecast model depicts more of a northerly track to the storm. Its American counterpart is hedging the track south. And, as the tracks suggest, the European model is much more bullish on snow, with an estimated 12+ inches for much of the tri-state. The American model remains more modest, at 3-5 inches. We are confident that this storm will track south of New York City, so within the tri-state, Central and South Jersey are most likely to pick up a big snow. The Hudson Valley is least likely.  For the East Coast, the area most likely to be hardest-hit will be Washington and the Delmarva Peninsula southward into the Carolinas. We’re still several days away from this storm impacting us, so expect the forecast to change as we continue to get more data. Be sure to check back with StormTeam 4, and, you can always get the latest forecast on NBC4 New York. Once the snow moves out, we’re looking at an intense blast of arctic air that will plunge temperatures into the teens and low 20s starting Saturday. That chill is expected to linger all next week.

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