In August, Federal Reserve Governor Lisa Cook was fired by President Trump over allegations that she committed mortgage fraud. Was she removed outright? No. Not yet. Ms. Cook decided to sue to block her termination from the board of governors, which became another front in the judicial coup against the president. A federal judge just blocked Trump’s efforts to remove this woman, who even CNN’s top legal analyst couldn’t really defend her arguments for why there are so many discrepancies in her mortgage filing (via Politico):
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President Donald Trump’s bid to fire Lisa Cook, a member of the Federal Reserve board, is likely illegal and she must be immediately reinstated, a federal judge ruled Tuesday.
U.S. District Judge Jia Cobb concluded that Trump’s effort to fire Cook over allegations of mortgage fraud that predated her time on the Fed board violated a federal law meant to insulate the interest-rate-setting body from political pressure. Only Cook’s conduct on the job could be grounds for removal, Cobb ruled.
The decision triggers a high-stakes appeals court battle that is likely to quickly land at the Supreme Court. The justices have repeatedly endorsed Trump’s efforts to fire powerful federal regulators and policymakers, but the justices have also signaled they view the Fed as a unique, “quasi-private” institution that may be entitled to more independence than other agencies housed within the executive branch.
The president of the United States can remove Federal Reserve governors for cause. This judge said she wasn’t convinced. Really? Cook’s reasons did not convince CNN’s Elie Honig, and even The Washington Post was not impressed.
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