Fed to Comply with Court Ruling on Lisa Cook Dismissal
(MENAFN) The US Federal Reserve announced Tuesday it will comply with any judicial ruling regarding whether President Donald Trump can remove Fed Board Governor Lisa Cook from her position.
On Monday, Trump declared he was terminating Cook “with immediate effect,” marking an unprecedented move amid mortgage fraud allegations. He issued a letter on his social media platform, Truth Social, stating, “You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.”
Cook’s lawyer, Abbe David Lowell, told media that Trump’s firing attempt is “baseless” and asserted the president lacks the authority to carry out such a dismissal.
In response, the Federal Reserve emphasized to media that under the Federal Reserve Act, Congress grants governors long, fixed terms and restricts presidential removal to cases “for cause.” The Fed stressed, “Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis and the long-term interests of the American people.”
The Fed further confirmed, “Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System.”
Concluding, the institution reiterated, “As always, the Federal Reserve will abide by any court decision.”
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