A federal judge has ruled that Federal Reserve board member Lisa Cook can stay in her post while suing Donald Trump over his unprecedented bid to fire her.
Cook is legally challenging the US president after he sought to remove her, citing unconfirmed allegations of mortgage fraud, amid an extraordinary campaign by his administration to strengthen its control over the US central bank.
She asked US district judge Jia Cobb to impose a temporary restraining order against Trump’s attempt to “immediately” dismiss her, pending further litigation. The administration has argued that Trump is able to fire Fed governors “for cause” and appoint replacements.
Trump has spent months attacking the Fed, where most policymakers – including Cook – have so far defied his calls for interest rate cuts. He has spoken of rapidly building “a majority” on the central bank’s board, calling into question the future of its longstanding independence from political oversight.
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