SCOTUS Hands Down Ruling On Trump's Move To Fire Fed Governor

The U.S. Supreme Court on Monday ruled President Donald Trump cannot fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations.

In a 5-4 ruling authored by Chief Justice John Roberts, the court blocked the president from removing Cook, dealing a defeat to the White House which has consistently criticized the Fed over its handling of interest rates.

Roberts: "Any change in that scheme must come from Congress, not the courts." / "That would turn for-cause protection into little more than at-will employment."

Thomas: "Today's decision is an unprecedented incursion on the Executive Branch."

Cook: "President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so."

The decision draws a line in the sand on the extent of Trump's executive power. In another ruling on Monday, the conservative majority overturned a decades-old legal precedent allowing the president to fire the heads of other independent agencies.

"To be clear, the ultimate question of whether the president can remove Cook for cause will depend in part on the underlying facts"

Thomas: "Neither the parties nor the Court can point to a single time in American history that this Court has upheld an injunction against the President's removal of an executive officer."