"United States President Donald Trump's administration has asked the US Supreme Court to let him move ahead with firing Federal Reserve Governor Lisa Cook a move without precedent since the central bank's founding in 1913 in a legal battle that imperils the Fed's independence. The Department of Justice asked the justices on Thursday to lift US District Judge Jia Cobb's September 9 order temporarily blocking the Republican president from removing Cook, an appointee of Democratic former President Joe Biden. Cobb ruled that Trump's claims that Cook committed mortgage fraud before taking office, which Cook denies, likely were not sufficient grounds for removal under the law that created the Fed."
"This application involves yet another case of improper judicial interference with the President's removal authority here, interference with the President's authority to remove members of the Federal Reserve Board of Governors for cause, the Justice Department said in the filing. Cook took part in the Fed's highly anticipated two-day meeting in Washington on Tuesday and Wednesday, in which the central bank cut interest rates by a quarter of a percentage point, as policymakers responded to concerns about weakness in the job market. Cook was among those voting in favour of the cut announced on Wednesday."
President Donald Trump's administration asked the US Supreme Court to allow removal of Federal Reserve Governor Lisa Cook, citing alleged pre-office mortgage fraud. The Department of Justice sought to lift US District Judge Jia Cobb's September 9 order that temporarily blocked the removal. Cobb ruled the allegations, which Cook denies, likely do not meet the statutory 'for cause' standard for removing Fed governors. The DOJ characterized the injunction as improper judicial interference with presidential removal authority. Cook participated in the Fed's two-day meeting and voted for a 25 basis point interest-rate cut. The D.C. Circuit denied a stay in a 2-1 ruling.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]