Key Takeaways for Supreme Court Hearing on Fed Governor Firing

Here are some key takeaways from the hearing Wednesday at the US Supreme Court over President Donald Trump’s effort to fire Federal Reserve Governor Lisa Cook over mortgage-fraud allegations she’s denied:

• Justices were mostly wary of the government’s arguments, saying the move could upend the Fed’s independence and rattle markets.
• Role for courts: Chief Justice John Roberts seemed troubled by the idea that there’s no role for judges to play in reviewing presidential firing decisions, especially when officials have “for cause” protection.
• Process matters: Before reaching the question of whether Trump had cause to fire Cook, US Solicitor General ...