A federal judge in On Tuesday he granted a temporary restriction order that blocks the dismissal of President Donald Trump to the governor of the Lisa Cook Federal Reserve for now.
The ruling means that Cook will remain in the Central Bank Board until its case is heard extensively. He is allowed to continue carrying out his work during that time.
By granting the order, the American district judge Jia Cobb He said that “the court will enter a court order to direct [Fed Chair Jerome] Powell and the Board of Governors to allow Cook to continue operating as a member of the Board for the Pendency of this litigation. “
“The public interest in the independence of the Federal Reserve weighs in favor of the restoration of Cook,” Cobb wrote. “That independence is essential to help the Nation’s banking system promote stability.”
Cook’s lawyers argued in a federal court in Washington that Trump’s attempt to fire her for “mortgage fraud” was illegal and lacked “cause”, which is the only reason why a governor of the Fed can be eliminated. The “cause” is commonly understood as some type of irregularities.
Cobb will listen to the merits of the case in more detail at a future audience.
Trump moved to Fire Cook at the end of August, citing accusations of mortgage fraud brought by one of his appointed politicians. Cook has not been accused of any crime.
“Governor Cook never committed mortgage fraud,” Cook’s lawyers wrote in a presentation last week.
The Federal Reserve declined to comment on the order. He previously said in a statement that “he would comply with any judicial decision.”
Abbe Lowell, who represents Cook, said in a statement: “Today’s ruling recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve of illegal political interference. Allowing the president to illegally eliminate the governor Cook to his substance and the vague accusations that would endanger the stability of our financial system and undermine the rule of the rule of the rule of the governor will continue Sworn detuods.
Cook is the first black woman to serve as governor at the Fed Board in her more than 110 years of history. Before joining the Fed, she was an economy and international relations professor at Michigan State University.
