US appeals court has blocked former President Donald Trump from firing Federal Reserve Governor Lisa Cook, the first attempt to remove a Fed governor since 1913, Reuters reported.
The court rejected the Justice Department’s emergency request to lift a previous order that kept Cook in her role, allowing her to stay ahead of a key Fed meeting expected to cut interest rates. A lower court had ruled Trump’s allegations of past mortgage fraud likely didn’t meet the “for cause” standard required under the Federal Reserve Act.
The 2‑1 decision, with Biden-appointed judges in the majority, leaves Cook in place for now and highlights the limits of presidential power over independent central bank officials, according to Reuters.
