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