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US Appeals Court Prevents President Trump from Firing Fed Governor Cook
An federal appeals court has decided that President Donald Trump may not dismiss Federal Reserve governor Lisa Cook from her role.
The split decision on Monday represents a blow to Trump, as it ensures Cook can remain in place for the upcoming Fed gathering on Tuesday and Wednesday, where officials are expected to lower US borrowing costs.
Trump announced in August that he was dismissing Cook, claiming she had committed financial misconduct. Cook denied the claims and stated that the president had no authority to remove her.
This case has major implications for the Fed's ability to set monetary policy free from interference from elected officials.
Cook is a member of the governing body tasked with setting interest rates in the US.
When US lawmakers established the Fed in 1913, it incorporated safeguards to preserve its independence from political pressure. No president has previously removed a Fed governor.
The statutes invoked by Trump to support his effort to fire Cook had never been tested in a judicial setting. The Trump administration is expected to appeal Monday's ruling to the Supreme Court.
Under the legislation that established the Fed, its board members may only be removed by a president with justification, though the law does not clarify the term nor outline processes for removal.
Cook, a appointee of President Biden and the first black woman to hold office as a Fed governor, filed a lawsuit against Trump in August, claiming she was being targeted due to her monetary policy stance.
The Fed has not cut interest rates so far this year as it aims to manage price increases, which have been fueled in part by the impact of Trump's tariffs on foreign products.
Trump has repeatedly called for aggressive rate cuts and has berated Fed Chair Jerome Powell over his handling of interest rates.
A rate cut is anticipated this week, though, in an effort to stimulate a slow US job market.
On Monday, Trump reiterated his call for a large interest rate cut, posting on his Truth Social platform that Fed Chair Jerome Powell "needs to cut interest rates, now, and larger than he had in mind."
Norma Hughes
A seasoned beauty editor with a passion for sustainable fashion and wellness, sharing insights from over a decade in the industry.
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