The chairman of the Federal Reserve Jerome Powell manages the oath of Lisa Cook’s office to serve as a member of the Governors’ Council in the Federal Reserve System during the Ceremony in the William McChesney Martin Jr. May 23, 2022 in Washington
Washington – Trump administration on Wednesday on Wednesday, her plans to appeal against a lower court’s decision, which is currently maintained by the Federal Reserve Governor at the Management Board of the Independent Central Bank.
IN 49-page opinion The US District Judge Jia M. Cobb, published at the end of Tuesday, wrote that President Donald Trump “violated the Federal Reserve Act, because (cook) allegedly the removal did not meet the statute” for the reason “and that his attempts to remove cook from the board” deprived of its procedural rights guaranteed by the US Constitution. “
At the end of August, Trump said that she wanted to remove Cook, the first black woman who served in the Federal Reserve Council, claiming that she had falsified certain information in the mortgage application.
Cook lawyers filed a lawsuit at the federal court A few days later, arguing that Trump’s rehearsals were political and violated her rights to the proper trial.
Tarpeing Trump by Cook comes among his pressure as chairman of the Federal Reserve Board Jerome Powell to lower interest rates.
Trump, who approaches a greater impact on the central bank, quickly nominated his adviser Stephen Miran to fill a separate vacancy in the board before the FED meeting next week, where there are members widely awaited to lower the rates.
Republicans of the US Senate advanced Mirana’s nomination outside the commission on Wednesday morning. Miran is the chairman of the White House Economic Advisors Council.
Decision perceived as confirming the independence of the Fed
Cobb said that the case is for the first time in the 111-year history of the federal reserve, that the president tried to remove one of his members “because of”.
The Federal Reserve Act does not specify what entails “causes”, but Cobb wrote that the reasons for shooting in accordance with the law “are narrow to the grounds for the behavior of the official in the position and whether they were faithful and effectively performing statutory duties.
“Standard” for the reason “does not consider removing the individual only for the purpose of behavior that took place before taking position.”
Abbe David Lowell from Lowell and Associates Cook and Eisen standards, head of the Defender Fund of Democracy of the Organization of the District Organization.
“The tribunal’s ruling recognizes and confirms the importance of the protection of the independence of the federal reserve against illegal political interference,” said Lowell and Eisen in a statement on Wednesday morning.
“Allowing the president unlawfully removing the Cook Governor to unjustified and unclear allegations would threaten the stability of our financial system and undermined the rule of law. The Cook governor will continue to perform his duties as a member of the governor of the board.”
Judge Cobb agreed with their assessment that the president trying to remove a cook represents irreversible damage and that “the public interest of the independence of the federal reserve is burdened with the restoration of the cook.”
Cobb wrote that “he probably cannot directly” order the president in performing his official duties “to require him to appoint a cook again.” Instead, she issued a preliminary order to the driver of Powell “and the board of governors to allow the cook to continue acting as a member of the board in terms of this dispute.”
Trump administration lawyers was notified by the District Court They plan to appeal against the preliminary COBBA order to the United States Court for the Columbia District.
This story has been updated at 16:33
