The U.S. Supreme Court has denied President Trump's request to remove Federal Reserve Governor Lisa Cook from her post.
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Warsh on the Supreme Court's ruling on the Federal Reserve: "We don't need to worry about political factors."
PANews reported on July 1 that Federal Reserve Chairman Warsh gave his initial response to the Supreme Court's ruling this week that blocked President Trump's dismissal of Federal Reserve Governor Cook: "The Federal Reserve operated independently and followed its statutory duties until the Supreme Court's ruling. Following the Supreme Court's ruling, the Federal Reserve will continue to do so… I trust the federal judges appointed under Article III of the Constitution and I firmly believe in the rule of law. We will follow the Supreme Court's ruling, but from the perspective of day-to-day operations, this ruling reaffirms our position: we are doing everything in our power to perform our duties impartially, just as a referee would judge a ball. We take our reform goals seriously and will deliver on the important commitments Congress has given us—namely, achieving price stability within the framework of our 'dual mandate'; as long as we do this, we need not worry about political interference or judicial intervention. We can focus on the task at hand."
Trump: Process to remove Federal Reserve Governor Cook will begin
According to ChainCatcher, citing Jinshi News, US President Trump stated that he will begin the process of "removing" Federal Reserve Governor Cook from the Federal Reserve.
A batch of rulings were released by US courts, with Trump winning two and losing two.
According to Odaily Odaily, US courts have issued four rulings so far today, two of which are favorable to the Trump campaign and two are unfavorable. 1. The U.S. Supreme Court narrowly upheld state laws banning transgender girls and women from representing schools on women's sports teams, siding with conservatives and President Trump on this controversial culture war issue. Trump called it a "major victory" on social media. 2. The U.S. Supreme Court overturned long-standing federal restrictions on coordinated spending by political parties and candidates, a ruling likely to benefit the Republican Party in the November midterm elections. Trump called it a "major victory for the Republicans" on social media. 3. A judge in the U.S. District of Rhode Island rejected the Trump administration's amendments to a widely used federal housing assistance program, arguing that the government failed to consider the impact on families relying on the aid. This ruling is a victory for more than a dozen predominantly Democratic-governed states. 4. In a divisive ruling, the U.S. Supreme Court rejected President Trump's planned restrictions on birthright citizenship, thus overturning a core tenet of his immigration policy agenda. (Jinshi)
Trump: FIFA wasn't told what to do; FIFA President Vantino is a smart man.
Odaily Odaily reports that US President Trump stated that he didn't tell FIFA what to do, and that FIFA President Vantino is a smart man who requested a review of Balogun's red card. FIFA made the right decision; the referee's decision on Balogun's red card was truly terrible. (Jinshi)
Opinion: Warsh should publicly resist Trump's pressure on the Federal Reserve and uphold the central bank's independence.
According to Mars Finance, on July 6th, Bloomberg columnist Jonathan Levin published an article stating that US President Trump and his allies are continuously pushing to influence Federal Reserve decisions through personnel changes, including attempting to replace Fed Governor Lisa Cook and interfering in the selection of the Federal Reserve Bank of Atlanta president, in order to expand the influence of White House supporters on the Federal Open Market Committee (FOMC). Levin believes that Kevin Warsh, considered a leading candidate for the next Fed chair, should publicly oppose White House interference, support Jerome Powell and Cook to complete their terms, and demand that the White House withdraw from the selection process for regional Fed presidents; otherwise, his future credibility in leading the Fed and his influence within the committee will be weakened. The Fed's independence is key to maintaining stable inflation expectations and the credibility of monetary policy; continued political interference could damage the stability of the US macroeconomy.
Trump hinted that Warsh was having a difficult time at the Federal Reserve and continued his attempts to get rid of the "troublemaker."
PANews reported on July 3 that, according to Jinshi News, following the release of the latest US jobs report, US President Trump refused to advise Federal Reserve Chairman Warsh in an interview, stating that the new chairman "must do what he has to do." Trump said, "Wash has a council that is perhaps a little hostile, and unfortunately, that council may want to do the wrong things." Trump also stated that he will continue to push for the dismissal of Federal Reserve Governor Cook by "winning the lawsuit." Trump has long favored lowering interest rates.