A panel of federal judges on Monday held that President Donald Trump cannot fire Federal Reserve Governor Lisa Cook as of now, one day before the Fed’s two-day meeting on whether to lower interest rates.
The late-night order by the Court of Appeals for the District of Columbia Circuit struck down Trump’s emergency bid to set aside a preliminary ruling by a lower court, which barred Trump from removing Cook for alleged mortgage fraud pending the outcome of litigation between Trump and Cook.
The appeals court’s opinion came a day before a two-day rate-setting hearing, known as a Federal Open Market Committee (FOMC) meeting, during which the Fed will consider whether to cut federal interest rates. Without a last-minute intervention by the Supreme Court, the Fed’s interest rate-setting committee will meet Sept. 16–17 with all seven governors and the 12 regional bank presidents, with a rate decision expected on Wednesday afternoon….
Trump Cannot Remove Fed Governor Lisa Cook for Now, Appeals Court Rules
