Fed gov ‘fired’ by Trump can stay for now, SCOTUS says 

As the country prepares to celebrate Independence Day, the U.S. Supreme Court affirmed the principle of independence (albeit on a smaller scale) in a decision released on Monday. The high court ruled that the Federal Reserve's independence remains important in both "fact" and "appearance," despite unprecedented efforts by the executive branch to reshape its board.

Meanwhile, the bipartisan housing package passed last week in Congress has reportedly reached the White House after President Donald Trump canceled initial plans to sign it, and HUD has announced additional efforts aimed at cutting red tape in mortgage lending.

Fed official notches another win in legal battle with Trump

In an opinion released June 29, the Supreme Court said it had voted 5-4 to deny the federal government's bid to immediately remove Fed Gov. Lisa Cook from her post.

Trump moved to fire Cook last summer after Federal Housing Finance Agency Director Bill Pulte — who is also currently serving as acting director of national intelligence — accused her of mortgage fraud. Cook, who has denied the fraud allegations, sued to keep her job. The Supreme Court was tasked with deciding whether to uphold a lower court's ruling allowing Cook to remain at the central bank while her lawsuit proceeds.

Chief Justice John Roberts wrote the court's opinion, which said the government "has not shown that it is likely to prevail on the legal arguments advanced in its stay application." Allowing the stay, he added, "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."

"Not only the fact of independence but also the appearance of independence is key to the Federal Reserve's design," the opinion said. "That counsels a substantial threshold for 'cause.'"

The court further noted that Cook was not given an opportunity to respond to the allegations cited in her termination. "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," the opinion said. "Only after Cook has had the opportunity to respond to the charges made against her may a final decision be made."

In a post on social media, Trump brushed off the "strictly procedural" decision and vowed to "take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!"

Housing bill reportedly arrives at the White House

This time last week, the 21st Century ROAD to Housing Act seemed like it was on a fast path to becoming law. But when Trump canceled a scheduled signing ceremony after the bill overwhelmingly passed in both chambers of Congress, politicians on both sides of the aisle speculated about whether the legislation had a real future.

Late last week, House Speaker Mike Johnson assured federal legislators that he would soon send the bill to the White House for the president's signature — assurances he reiterated during a June 28 appearance on Fox News' "Sunday Morning Futures."

"I'm sending it to him on Monday, and it will become law," Johnson said.

Johnson had done so by Monday afternoon, according to Politico. Now that the bill has reached the White House, the president has 10 days — excluding Sundays — to either sign or veto it. The bill could still become law if he takes neither action.

HUD makes cuts to FHA mortgage program

As part of its ongoing efforts to cut red tape and reduce regulatory burdens, HUD on June 23 announced that it had made 14 policy changes to the Federal Housing Administration's (FHA) Single Family mortgage insurance program.

"The changes eliminate outdated requirements, reduce administrative burdens, and make FHA financing more efficient for homebuyers and lenders," the department said in a news release.

The National Association of Realtors applauded HUD's moves, with NAR EVP and Chief Advocacy Officer Shannon McGahn calling it "an important step toward creating a more efficient regulatory framework that better serves both borrowers and lenders."

Making the lending process more efficient, McGahn added, "can help strengthen housing affordability and create greater opportunities for Americans to achieve homeownership."