The Trump administration asked the Supreme Court on Thursday to block Federal Reserve Governor Lisa Cook’s reinstatement to the board.
A federal appeals court declined Monday to block an order by District Court Judge Jia Cobb, a Biden appointee, keeping Cook on the board.
“That the Federal Reserve Board plays a uniquely important role in the American economy only heightens the government’s and the public’s interest in ensuring that an ethically compromised member does not continue wielding its vast powers,” the administration wrote in its petition. “Put simply, the President may reasonably determine that interest rates paid by the American people should not be set by a Governor who appears to have lied about facts material to the interest rates she secured for herself and refuses to explain the apparent misrepresentations.”
Trump fired Cook in August over allegations of mortgage fraud brought by Federal Housing Finance Agency (FHFA) director Bill Pulte. Pulte’s referral prompted the Department of Justice (DOJ) to launch an investigation into Cook.
This is a breaking news story and will be updated.
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