The U.S. Court of Appeals for the District of Columbia circuit rejected former President Donald Trump’s attempt to remove Federal Reserve governor Lisa Cook from her position. The court ruled 2-1 against Trump’s emergency request to fire cook before a scheduled Federal Reserve meeting,allowing her to remain in office while the legal dispute continues. A concurring opinion emphasized that Cook has a property interest in her position and is entitled to due process before removal, noting that she was not given meaningful notice or an opportunity to respond to allegations against her.<\/p>\n

Trump had announced Cook’s firing last month, citing mortgage fraud allegations raised by the Federal Housing Finance Agency. Though,Cook sued to challenge the firing and was granted a temporary restraining order<\/a> by a federal judge. The judge highlighted the importance of Federal Reserve independence, supporting Cook’s reinstatement.<\/p>\n

Lisa Cook has maintained that Trump had no legal cause or authority to remove her, and she intends to stay in her role. Her term as Federal Reserve governor is set to expire in 2038. Trump may seek intervention from the Supreme Court, but a decision is unlikely before the upcoming Fed meeting.

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