"An appeals court ruled Monday that Lisa Cook can remain a Federal Reserve governor, rebuffing President Donald Trump's efforts to remove her just ahead of a key vote on interest rates. The Trump administration is expected to quickly turn to the Supreme Court in a last-ditch bid to unseat Cook before the Fed meets. And Cook's lawsuit seeking to permanently block her firing must still make its way through the courts."
"The White House campaign to unseat Cook marks an unprecedented bid to reshape the Fed's seven-member governing board, which was designed to be largely independent from day-to-day politics. No president has fired a sitting Fed governor in the agency's 112-year history. The ruling comes just before the Fed's interest rate-setting committee begins a two-day meeting Tuesday. Senate Republicans have confirmed Stephen Miran, Trump's nominee to an open spot on the Fed's board."
"Trump appointee Bill Pulte has accused Cook of mortgage fraud because she appeared to claim two properties as primary residences in July 2021, before she joined the board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home. Cook has denied the charges."
An appeals court ruled that Lisa Cook can remain a Federal Reserve governor, blocking President Donald Trump's attempted removal just before a key interest-rate vote. The Trump administration is expected to seek Supreme Court review, while Cook's separate lawsuit aims to permanently block her firing. The White House effort represents an unprecedented attempt to reshape the Fed's seven-member board and risks eroding the central bank's political independence. No president has fired a sitting Fed governor in the Fed's 112-year history. Allegations of mortgage fraud against Cook have been denied by her, and the case proceeds through the courts.
Read at www.chicagotribune.com
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