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Reuters

U.S. court declines to let Trump remove Fed Governor Cook

Reuters · Just In
Reuters
Reuters
Just In

A U.S. appeals court declined to allow Donald Trump to fire Federal Reserve Governor Lisa Cook - the first time a president has pursued such action since the central bank's founding in 1913 - in the latest step in a legal battle that threatens the Fed's longstanding independence.

Breakdown
  • A U.S. appeals court declined President Trump's attempt to remove Fed Governor Lisa Cook.
  • Trump's claims of mortgage fraud were found insufficient for removal under the Fed's founding law. 19s
  • The court's decision temporarily blocks Trump from removing Cook, an appointee of former President Biden. 31s
  • The law allows removal of Fed governors only 'for cause,' but this has never been tested in court. 48s
  • The administration is expected to appeal to the Supreme Court, and the Fed has requested a swift resolution. 1m 5s
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