WASHINGTON (AP) – The appeals court ruled it on Monday Lisa Cook He can remain a Federal Reserve governor and rejects President Donald Trump’s efforts before a significant vote on interest rates.
The Trump administration is expected to immediately turn to the Supreme Court for a final ditch bid to let the cooks go out of hospital before the Fed meets. And Cook’s case, which attempts to block her firing forever, still has to make way through court.
The White House campaign to thaw Cook marks an unprecedented bid to restructure the Fed’s seven-member governing committee. It is designed to be highly independent of everyday politics. In the agency’s 112-year history, no president has fired a sitting Fed governor. The ruling comes just before the Fed’s interest rate setting committee begins its two-day meeting on Tuesday. Senate Republicans have Check out Stephen MilanTrump’s candidate is in the open spot on the Fed’s board of directors.
Trump wanted Firs Cook August 25thbut a federal judge I dominated last week The removal was illegal and she was revived on the Fed’s board. Trump appointee Bill Prute accused Cook of mortgage fraud in July 2021, after appearing to claim the two properties as “major residences” before joining the board. Such a claim can lead to a lower down payment and less down payment than if one of the mortgages was declared as a rental property or a second home. Cook denied the fee.
The incident threatens to erode the Fed’s long-standing political independence. Likes by economists Independent central bank Because they can do unpopular things like lifting interest rates to combat inflation than elected officials.
