Federal Court ruled Tuesday that it was embattled Fed Governor Lisa Cook She can keep her place when she fights President Donald Trump.
The ruling will almost certainly be appealed, a blow to the Trump administration’s efforts to more control over traditional independence Fedwhich sets short-term interest rates to achieve its congressional mandatory goal of stable prices and highest employment. Congress also tries to isolate Fed From daily politics.
Trump says he’s fired chef On August 25, one of his appointees filed accusation that she committed a mortgage fraud related to two properties she purchased in 2021, and she joined Fed. Cook is accused of saying the two properties are “primary residences”, which could lead to lower payment and mortgage rates rather than being designated as a second home or investment property.
Cook’s lawyer argues that firing her is illegal because the president can only open fire Fed Governors “for reasons,” which often means inefficiency, neglect of duty or malfeasance during periods of malfeasance. They also said she has the right to a hearing and has the opportunity to respond to the charges before being fired, but did not provide it. Her lawsuit denies the allegations but provides no further details.
