Appeals Court Upholds Lisa Cook's Federal Reserve Governorship, Blocking Trump's Removal Attempt. A key interest rate vote looms as the Trump administration considers a Supreme Court appeal following a federal judge's ruling against the removal of Governor Cook, a move unprecedented in the Fed's history
Facing defeat in lower courts, the Trump administration plans an emergency Supreme Court appeal to remove Federal Reserve Governor Lisa Cook before a crucial interest rate vote. Cook's lawsuit to permanently block her dismissal continues. This unprecedented attempt to influence the independent Federal Reserve Board comes just days before the Fed's two-day meeting
Unprecedented White House attempt to remove Federal Reserve Governor Lisa Cook: A challenge to the Fed's independence. This marks the first time a president has tried to fire a sitting Fed governor in the agency's 112-year history, raising significant concerns about political influence on the seven-member governing board designed for independence. The Supreme Court may ultimately decide Cook's fate
Federal Reserve Governor Lisa Cook Remains After Appeals Court Ruling; Key Interest Rate Decision Looms. Despite a last-minute challenge, the Federal Open Market Committee (FOMC) will convene Tuesday and Wednesday with all seven governors and twelve regional bank presidents to decide on short-term interest rates. Twelve members—all seven governors and five rotating regional presidents—will vote on the rate change, following Senate confirmation of Stephen Miran, Trump's nominee to the Federal Reserve Board
Federal Reserve Chair Jerome Powell hinted at a key interest rate cut from 4.3% to 4.1% at the upcoming Fed meeting. Anticipating this reduction, mortgage rates and auto loan rates have already fallen and are expected to decline further
Federal Reserve Governor Lisa Cook remains in her position after a federal judge blocked her illegal firing by President Trump. A Trump appointee, Bill Pulte, alleges mortgage fraud, claiming Cook falsely listed two properties as primary residences to obtain lower rates. Cook denies these accusations. The Supreme Court may yet intervene
Appeals Court Upholds Lisa Cook's Federal Reserve Position, Reversing Trump Administration's Attempt at Removal. A 2-1 decision found the administration violated Cook's due process rights by failing to provide a formal opportunity to respond to the charges before attempting her dismissal
Legal experts warn that attempts to remove Federal Reserve Governor Lisa Cook threaten the Fed's crucial political independence. Economists value independent central banks, enabling them to make tough decisions, such as raising interest rates to curb inflation, without political pressure
Federal Reserve Independence Under Threat: Could White House Control Fuel Inflation? Economists fear White House influence over the Federal Reserve could lead to artificially low interest rates, driven by political pressure for cheaper borrowing. This manipulation could accelerate inflation, raising borrowing costs for mortgages, car loans, and government debt. Higher inflation could also force investors to demand higher bond yields, further increasing borrowing costs across the U.S. economy
Federal Reserve Governor Lisa Cook maintains her innocence, denying any wrongdoing and facing no criminal charges. Loan and security clearance documents, obtained by the Associated Press, reveal she identified her Atlanta condo as a vacation home and second home respectively, contradicting the administration's allegations of fraud
Federal Reserve Governor Lisa Cook's position remains secure after a US District Court judge ruled the Trump administration failed to meet the legal standard for her dismissal. The judge determined that "for cause" removal is limited to misconduct during tenure, a condition not met in Cook's case. This ruling comes after President Trump's attempt to remove her before a key interest rate vote
Trump's lawyers argued that Lisa Cook's past conduct, even if predating her governorship, raises serious questions about her trustworthiness and fitness to manage interest rates and the economy, prompting an emergency appeal to block her Federal Reserve governorship
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Trump has repeatedly attacked Powell and the other members of the Fed’s interest-rate setting committee for not cutting the short-term interest rate they control more quickly. Trump has said he thinks it should be as low as 1.3%, a level that no Fed official and few economists support.
Cook is the first Black woman to serve as a Fed governor. She was a Marshall Scholar and received degrees from Oxford University and Spelman College, and prior to joining the board she taught at Michigan State University and Harvard University’s Kennedy School of Government.
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