Washington (AP) – supreme court Allowed on Wednesday Lisa Cook For now, he refused to act on the Trump administration’s efforts to quickly take her out of the central bank.
In a brief signing order, the High Court said they will hear debate about Republican President Donald Trump’s efforts to drive him out of the Fed Committee in January.
The court will consider whether to block the lower court’s ruling in court court favor while Trump’s challenge to fire her.
High Court Order was a rare example of Trump not being able to quickly get everything he wants from justice on an emergency appeal.
Apart from that, the judiciary heard another related debate in December Legal fight Over Trump’s actions to fire members of the board overseeing other independent federal agencies. The incident concerns whether Trump is free to fire those officials.
However, the second issue in this case could directly bear Cook’s fate. Whether a federal judge has the authority to prevent dismissals or can instead order only payments for officials who have been mistakenly rejected.
Trump was trying to kick cooks out before the September meeting of the Fed’s interest rate setting committee. However, the judge ruled that the dismissal was illegal, and the divided appeals court refused to appeal the Trump administration’s emergency.
The day after the meeting was over A quarter of percentage points reduction At key interest rates, the administration has turned to the Supreme Court for a new emergency appeal.
The White House campaign to thaw Cook marks an unprecedented bid to restructure the Fed Commission. It is designed to be highly independent of everyday politics. In the 112-year Fed history, no president has fired the Fed governor.
Cook, who was appointed to the Fed committee by Democratic President Joe Biden, says she will not quit her job “I can’t be bullied” By Trump. Abbe Lowell, one of her lawyers, said she would “take over her sworn duty as governor of the board accused in the Senate.”
Apart from that, Senate Republicans recently Check out Stephen MilanTrump’s candidate is in the open spot on the Fed’s board of directors. Both Cook and Milan attended the Fed’s recent meeting. Milan was the only opposing vote and preferred a bigger cut.
The next opportunity for Cook to vote will be at the Fed’s interest rate setting committee meeting scheduled for October 28-29.
Trump accused Cook of mortgage fraud as he appears to claim two Michigan and Georgia properties as “major residences” before joining the Fed committee in June and July 2021. 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.
“Simply put, the President may reasonably determine that interest paid by the American people should not be set by a governor who appears to have lied about factual material against the interest rates he has set for himself.
Cook denied any misconduct and has not been charged with a crime. According to the document Obtained by Associated PressCook has designated her Atlanta condo to be a “home for vacation,” according to a loan estimate she received in May 2021. In search of security clearance, she described it as “second home.” Both documents appear to overturn the administration’s allegations of fraud.
US District Jia Cobb has ruled the administration The legal requirements were not met Fed governors can only be fired “for a cause.” She said she was limited to fraud during her tenure. Cook joined the Fed’s board of directors in 2022.
Cobb also determined that Trump’s firing was deprived of the chef of stoking her of just proceedings or legal rights and opposing her dismissal.
A 2-1 vote saw a panel in the federal appeals court in Washington reject the administration’s request to continue firing Cook.
Trump’s lawyers argued that even before her time as governor, her suspected actions “will question whether Cook’s credibility could be without question, and whether she could become a responsible steward of interest rates and the economy.”
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