Cook Remains on Board Ahead of Key Interest Rate Meeting
An appeals court ruled on Monday that Lisa Cook can remain a Federal Reserve governor, a decision that comes as the central bank prepares for a key vote on interest rates. The ruling addresses an attempt by President Donald Trump to remove her from the board.
The Trump administration is anticipated to seek an appeal to the Supreme Court in an effort to remove Cook before the Federal Open Market Committee (FOMC) meets. Additionally, Cook’s own lawsuit seeking to permanently block her removal is still in the court system.
The effort to unseat Cook marks a rare move to influence the Fed’s seven-member governing board, which was established with a degree of independence from day-to-day politics.
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The Fed, founded in 1913, has no history of a sitting governor being fired by a president. The ruling occurs just ahead of the Fed’s two-day meeting to discuss interest rates, which begins on Tuesday. In a separate action, Senate Republicans confirmed Stephen Miran, a nominee of the Trump administration, to an open position on the Fed’s board.
The attempt to remove Cook began on August 25. A federal judge had previously ruled that the removal was illegal and reinstated her to the board.
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Bill Pulte, an appointee of the Trump administration, has accused Cook of mortgage fraud, citing that she appeared to claim two properties as “primary residences” in July 2021, prior to joining the board. This type of claim can be associated with lower mortgage rates and smaller down payments. Cook has denied the accusations.
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