US Fed governor Cook sues Trump over bid to fire her
Federal Reserve Governor Lisa Cook filed a lawsuit that claims that US President Donald Trump did not have the power to remove him from the office and had established a legal war that could reset long -established norms for the country’s Central Bank.
Cook’s case, Trump, a Republican, announced that when the president announced that he would only expel him on August 25, he violated a federal law that allowed him to take out a federal governor when he took an unprecedented step.
The President accused Cook of making a mortgage fraud in 2021 a year before joining the Fed’s administrative organ.
However, Cook’s case said that there was no unfounded claim about the behavior that occurred before approved his position at the Central Bank.
“There is no limiting principle of President Trump’s ‘case’ understanding of the ‘case’ understanding of the ‘case’ understanding of any federal reserve board of directors,” he said in the case.
The case also accused Trump of notifying the necessary process within the scope of the Constitution or by ignoring it from the hearing.
The case is probably going to the Supreme Court, where a conservative majority allows at least temporary Trump to fire the firefighters from other agencies, but pointed out that the Fed could be entitled to a rare exception by directly controlled by the President.
Concerns about the Fed’s independence from the White House may have a fluctuation effect throughout the global economy in determining monetary policy.
After Trump said he would first remove Cook, the US dollar stumbled against other major currencies.
A FED spokesman said the FED would comply with any court decision before the lawsuit was filed on Tuesday.
In 2022, Cook was appointed to the FED by former President Joe Biden.
The law that created the FED does not define or not define “why” or reveal any standard or procedure for removal.
No president has removed a member of the FED Board of Directors, and the law has never been tested in court.
A few federal laws, which require the president to file a lawsuit before abolishing members of other agencies, say that the cause may include task, evil and inefficiency.
These laws may be guided by the courts to determine if Trump causes the cook to ignite the cook.
The questions about Cook’s mortgages were first gathered in August by William Pulte, who was appointed by a Trump, the director of the Federal Housing Finance Agency.
Pulte directed the issue to the Chief Public Prosecutor Pamela Bondi to investigate the issue.
Cook released mortgages in Michigan and Georgia in 2021 when he was an academician.
A form of an official financial explanation form for 2024 lists three mortgages that are held by Cook and two of which are listed as personal housing.
For primary houses, loans can carry lower rates than mortgages on investment properties considered more risky by banks.
Some experts questioned whether Cook was in the public records before the appointment of the FED and was inspected and confirmed by the US Senate.
The administration may also claim that giving any protection to the Fed governors without the abolition of the president has violated extensive constitutional powers to control the ruling branch, as in the cases filed by other former Officals.
In a letter for Cook on August 25, Trump accused him of “deceptive and criminal behavior on financial issues” and said he did not trust his integrity.
In a statement at that time, Cook said, “There is no reason under the law, and (Trump) has no authority to dismiss it.”
His lawyers, Trump’s demands, “a suitable process, no basic or legal authority,” he said.
The separation of Cook would allow Trump’s fourth election to name the Fed’s seven -member board of directors.
