The Trump administration has asked the Supreme Court to allow the president to fire Lisa Cook from the Federal Reserve Board of Governors. CBS News' Kelly O'Grady reports.

Washington

President Donald Trump has petitioned the Supreme Court to permit the removal of Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. Cook has denied the accusations and asserts that the president lacks the authority to dismiss her from the board. An appeals court recently ruled that Cook could remain in her position, but the Supreme Court's decision could have significant implications for the balance of power between the executive branch and independent agencies. If the Supreme Court sides with the president, it could set a precedent affecting the president's ability to remove officials from independent institutions, potentially influencing future appointments and the Federal Reserve's decision-making process.

Trump asks Supreme Court to allow Lisa Cook firing

Well, in other news, President Donald Trump is taking his fight to fire Federal Reserve Governor Lisa Cook all the way to the Supreme Court. He's asking the high court to clear the way to remove her from the board entirely, which would change the face and the voting makeup of that board. Of course, this comes one day after the Fed cut interest rates for the first time in, what, nine months? Mr. Trump says he fired Cook on the grounds that she committed mortgage fraud. Well, Cook fired back, denying this, and says the president doesn't have the authority to fire her. So let's bring in CBS News Money Watch correspondent Kelly O'Grady, who broke that news for us in the last hour on CBS News 24-7. What could that mean for the courts, for the Federal Reserve Board, and for ultimately the decision going forward? So this was an unexpected next step because, in fact, the appeals court, which was sort of the last step in the legal process before it would go to the Supreme Court, just hours before the Federal Reserve Board started meeting, said, hey, you know, Lisa Cook can continue in her position. So she was one of the folks in the room when all of that was happening this week. So the Supreme Court will still have to take up that case. But if they were to take that case up and rule with the president, this would give him the power to fire Cook. And it's not just about the Federal Reserve. There's been a lot of questions about the president's power to fire individuals in these sort of independent institutions from the White House. And it's always for cause. But the law is just so vague when it comes to cause that any ruling by the Supreme Court there would really set a legal precedent going forward for these types of personnel moves, whether there is a Republican or a Democrat in the White House. Now, if they were to rule against the president, just that very same thing, it would really limit and define what cause is and what the president would be able to do moving forward, whether it be with the Federal Reserve and maybe even Chair Powell or some of the other organizations. What it means for us at home in terms of interest rates is if the Supreme Court were to take up this case and rule with the president and be able to fire Lisa Cook, that would give the president the power to put one more person in that room that would likely see interest rates the same way that he does. Now, it's supposed to be an independent position, and these terms are for a decade at least. And so you normally have these people appointed by different administrations, but then they stay on for much longer. And they do look at the data. But that's sort of the concern, that there would be one more person in the room that the president would get to appoint. His most recent appointee, Stephen Myron, who just replaced Adrena Kugler, who stepped down recently, voted for a half-point rate cut, more along the lines of what the president was looking to see. All right, so we know that you were live for us yesterday at the New York Stock Exchange. I've got to imagine there's some new reporting on NVIDIA that is catching your attention and also the attention of investors today on the Stock Exchange. It is. It is. So NVIDIA, I just looked, is up about 3 to 4 percent. But the bigger stock that is moving right now is Intel, right, the famed chip maker. You go back a couple of decades or so. They've been down and out, really missed the wave when it comes to this artificial intelligence revolution. Their stock, though, up 29 percent right now, Reid. And that is because NVIDIA has announced that it will invest $5 billion worth or buying $5 billion worth of stock for a stake in the company. And they are going to co-develop specific chips for PC and AI use. They haven't released a lot of details. There's actually going to be a press conference in about 23 minutes that starts. We're going to hear from both CEOs. But Intel also recently just received an investment from the U.S. government. Over the past couple of months, Intel has been essentially given a lifeline when it comes to cash and belief in their ability. And they are becoming now a player, at least in the conversation, when it comes to developing these AI chips. Fascinating times. Kelly, I cannot wait for our conversation tomorrow because, of course, we know President Trump will be speaking with Chinese President Xi. As we talk about chips, you really make me think about what could be TikTok and the sale of TikTok. I can't wait. Counting the hours, 24 hours and counting.

President Trump on Thursday addressed ABC's decision to pre-empt "Jimmy Kimmel Live!" over comments Kimmel made about the shooting of Charlie Kirk. CBS News correspondent Shanelle Kaul has more.

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U.S. President Donald Trump signaled new action against left-wing groups following the assassination of right-wing political activist Charlie Kirk, targeting the anti-fascist Antifa movement as a "terrorist organisation."

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ABC said that the late-night show "Jimmy Kimmel Live!" has been "pre-empted indefinitely" after comments Kimmel made on the show in response to the shooting death of conservative activist Charlie Kirk. Jonathan Vigliotti reports.

New York

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Beijing

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The U.S. Federal Reserve announced that it lowered interest rates by 0.25 percentage points, its first rate cut since December 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

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Jerusalem

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Utah County

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Windsor

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Doha

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Utah County Attorney Jeff Gray provided updates Tuesday on the case against Tyler Robinson, the 22-year-old accused of fatally shooting Charlie Kirk. Robinson is charged with seven counts, including aggravated murder. The state is seeking the death penalty.

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Caracas

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Washington County

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Madrid

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Orem

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