A federal judge has ruled President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook is illegal, and ordered her reinstatement.
Sept. 10 A federal judge has ruled President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook is illegal, and ordered her reinstatement.
U.S. District Judge Jia Cobb issued a temporary restraining order prohibiting Trump from removing Cook from her position on Tuesday, finding that she will likely succeed in her claim that the president was illegally trying to fire her and that her firing was depriving her of her procedural rights protected by the Constitution.
„At this preliminary stage, the Court finds that Cook has made a strong showing that her purported removal was done in violation of the Federal Reserve Act’s ‚for cause‘ provision“, Cobb said in her ruling. „In addition, the Court finds that the removal also likely violated Cook’s procedural rights under the Fifth Amendment’s Due Process Clause.“
Trump moved to fire Cook late last month on the grounds that she made allegedly false statements on mortgage agreements.
The president’s move to remove Cook was swiftly met by accusations from critics and Democrats of attempting to grab power over the important independent monetary policy-setting agency.
Trump has been feuding for months with her boss, Federal Reserve Chair Jerome Powell, to lower interest rates.
