"The removal of a Federal Reserve Governor extends only to concerns about the Board member's ability to effectively and faithfully execute their statutory duties, in light of events that have occurred while they are in office, wrote Cobb, who was appointed by former President Joe Biden in 2021. It all started late last month, when Trump announced in a Truth Social post that he was firing Cook amid claims by his Federal Housing Finance Agency chief, Bill Pulte, that she had committed mortgage fraud."
"You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately, Trump wrote in a letter that accompanied the post. Cook responded by filing a lawsuit against Trump, alleging his actions are unprecedented and illegal. Under the law, Cook, the first Black woman to serve on the Board of Governors, has not been charged with any crimes, though Pulte has referred his findings to the Department of Justice."
U.S. District Judge Jia Cobb granted a preliminary injunction preventing the removal of Federal Reserve Governor Lisa Cook while she pursues a legal challenge to the ouster. The judge held that removal authority extends only to concerns about a Board member’s ability to effectively and faithfully execute statutory duties, assessed in light of events during service. President Trump announced Cook’s removal on Truth Social and in an accompanying letter after Federal Housing Finance Agency chief Bill Pulte alleged mortgage fraud involving declarations of primary residence in Atlanta and Michigan. Cook filed suit alleging the removal was unprecedented and illegal. Cook has not been charged; Pulte referred findings to the Department of Justice.
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