Battle for Fed Independence: Cook's Clash with Trump
Federal Reserve Governor Lisa Cook seeks a court's intervention to prevent her removal by the Trump administration. While the administration accuses her of past financial misconduct, she argues that her firing would undermine Fed independence. A court ruling is imminent, affecting upcoming interest rate decisions.
In a significant legal confrontation, Federal Reserve Governor Lisa Cook has urged a US appeals court to block the Trump administration's attempt to remove her from the board. Cook's appeal comes ahead of the central bank's crucial vote on interest rates.
The court filing on Saturday challenged an emergency request from the Trump administration to stay a lower court's decision favoring Cook. Her attorneys argue there is inadequate justification for her dismissal, emphasizing potential economic risks if the move proceeds unchecked.
Amidst these developments, the court has allowed the Trump administration until Sunday afternoon to respond. Meanwhile, Senate Republicans aim to expedite the confirmation of Trump's nominee, Stephen Miran, to the Fed's board before the upcoming interest rate-setting meeting.
(With inputs from agencies.)
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