White House to appeal ruling on firing Fed Reserve governor Cook
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The news: The White House said it will appeal a court decision blocking US President Donald Trump’s attempt to fire Federal Reserve governor Lisa Cook.
The context: On Tuesday, White House spokesperson Kush Desai said “The president lawfully removed Lisa Cook for cause…The administration will appeal this decision and looks forward to ultimate victory on the issue.”
The statement comes after the US Court of Appeals for the District of Columbia Circuit affirmed that Cook would be able to continue working while her lawsuit challenging Trump’s move to fire her played out. The 2-1 ruling was handed down just hours ahead of a highly anticipated Federal Reserve meeting on interest rates.
As of Tuesday morning Eastern Time, there was no indication that the White House had asked the US Supreme Court to intervene overnight in efforts to bar Cook from attending the meeting.
Last month, Cook filed a lawsuit challenging President Donald Trump’s efforts to fire her, igniting an unprecedented legal battle over the independence of the central bank.
Trump had moved to fire Cook over allegations that she committed mortgage fraud before the joined the Fed, which were first levelled at her by Federal Housing Finance Agency director Bill Pulte. Cook denies the allegations.
Trump has persistently criticised the Fed and Fed chair Jerome Powell’s monetary policy, pressuring the central bank to cut interest rates, and has made clear his intention to ensure loyalists are appointed to the Fed committee.
