"A federal court has ruled that embattled Federal Reserve Gov. Lisa Cook can remain in her position while she fights President Donald Trump's efforts to fire her. The ruling, which will almost certainly be appealed, is a blow to the Trump administration's efforts to assert more control over the traditionally independent Fed, which sets short-term interest rates to achieve its congressionally mandated goals of stable prices and maximum employment."
"Cobb ruled that Cook would likely prevail in the lawsuit she filed late last month to overturn her firing. Trump, a Republican, said he was firing Cook on Aug. 25 over allegations raised by one of his appointees that she committed mortgage fraud related to two properties she purchased in Ann Arbor, Michigan, and Atlanta in 2021, before she joined the Fed."
""President Trump lawfully removed Lisa Cook for cause due to credible allegations of mortgage fraud from her highly sensitive position overseeing financial institutions on the Federal Reserve Board of Governors," White House spokesman Kush Desai said Wednesday in a statement. "This ruling will not be the last say on the matter, and the Trump Administration will continue to work to restore accountability and confidence in the Fed.""
U.S. District Judge Jia Cobb granted a preliminary injunction preventing Lisa Cook's removal from the Federal Reserve while her lawsuit proceeds. Cobb found Cook likely to prevail in challenging President Trump's Aug. 25 firing. Trump said he removed Cook over allegations of mortgage fraud tied to two properties she bought in Ann Arbor and Atlanta in 2021, accused of designating them as primary residences. The White House said the president lawfully removed Cook for cause and pledged to pursue accountability. Cobb concluded the allegations likely did not constitute sufficient legal cause under the law governing Fed governors.
Read at Fast Company
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