WASHINGTON: An appeals court ruled Monday that Lisa Cook can remain a Federal Reserve governor, rebuffing President Donald Trump\u2019s efforts to remove her just ahead of a key vote on interest rates.<\/p>\n
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\u2019s lawsuit seeking to permanently block her firing must still make its way through the courts.<\/p>\n
The White House campaign to unseat Cook marks an unprecedented bid to reshape the Fed\u2019s 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\u2019s 112-year history. The ruling comes just before the Fed\u2019s interest rate-setting committee begins a two-day meeting Tuesday. Senate Republicans have confirmed Stephen Miran, Trump\u2019s nominee to an open spot on the Fed\u2019s board.<\/p>\n
Trump sought to fire Cook Aug. 25, but a federal judge ruled last week that the removal was illegal and reinstated her to the Fed\u2019s board. Trump appointee Bill Pulte has accused Cook of mortgage fraud because she appeared to claim two properties as \u201cprimary residences\u201d 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.<\/p>\n
The case threatens to erode the Fed\u2019s longtime political independence. Economists prefer independent central banks because they can do unpopular things like lifting interest rates to combat inflation more easily than elected officials.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON: An appeals court ruled Monday that Lisa Cook can remain a Federal Reserve governor, rebuffing President Donald Trump\u2019s 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. …<\/p>\n","protected":false},"author":4,"featured_media":86858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-86845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/86845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=86845"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/86845\/revisions"}],"predecessor-version":[{"id":86860,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/86845\/revisions\/86860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/86858"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=86845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=86845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=86845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}