President Donald Trump’s bid to remove Federal Reserve governor Lisa Cook has been struck down by a federal appeals court just hours before a pivotal meeting of the central bank. The ruling upheld last week’s decision of a lower judge blocking Trump’s unprecedented attempt to oust Cook over allegations of mortgage fraud. The president had sought an emergency appeal to prevent Cook from casting a vote on interest rates this week. His only remaining hope to block Cook’s participation in the meeting is to seek a stay from the Supreme Court. As justification for his attempt to oust her, Trump has alleged that Cook, who was nominated to the post by Joe Biden in 2022 and is the first Black woman to serve as a Fed governor, committed mortgage fraud, claims that predate her time on the board. Cook has countered that Trump had “no authority” to fire her and vowed to continue serving on the seven-member board, which is meant to operate free from political interference. Simultaneously on Monday, the Senate confirmed Stephen Miran as a Fed governor, ensuring the Trump loyalist’s presence at the central bank’s meeting the following day. The Fed is widely expected to deliver Trump’s long-sought interest rate cut this week.
Read it at Axios
