US Supreme Court declines US President Trump's action to remove Fed's Cook; in a 5-4 vote

"Under the Court’s precedents, Cook was entitled to notice and some opportunity to respond before her termination" "The protection from removal enjoyed by Governors of the Federal Reserve is consistent with the Constitution" "The Court rejects the Government’s halfhearted contention that Cook in fact received due process. At minimum, Cook was entitled to some explanation of the evidence at issue, some avenue for a response, and a deadline by which a response would be due" "To accept any one of [the Trump administration's] arguments would in effect transform the Federal Reserve’s for-cause protection into at-will employment—an interpretive leap out of step with the statute Congress enacted and our Nation’s tradition of central banking protected from political interference. We therefore deny the Government’s application."