Lisa Cook Fired: U.S. Court Judge In Lisa Cook Case Hearing On Trump Effort To Fire Fed Governor

Donald Trump | Lisa Cook | Federal Reserve | Fed Governor Removal | Trump Lawsuit | US Economy | Global Markets | Fed Independence | Interest Rates | Supreme Court Battle | Jia Cobb | Washington DC Court

A federal judge on Friday will consider whether to block President Donald Trump temporarily from firing Federal Reserve Governor Lisa Cook while she pursues a lawsuit claiming Trump has no valid reason to remove her. The hearing scheduled for 10 a.m. EDT (1400 GMT) before U.S. District Judge Jia Cobb in Washington, D.C., is the first step in what will likely be a protracted legal battle that could upend the U.S. central bank's historical independence and is likely to be resolved by the U.S. Supreme Court

Cook sued Trump and the Fed on Thursday, saying the Republican president's unsubstantiated claim she engaged in mortgage fraud before taking office did not give him legal authority to remove her, and was a pretext to fire her for refusing to lower interest rates.

Concerns about the Fed's independence from the White House in setting monetary policy could have a ripple effect throughout the global economy. The U.S. dollar stumbled against other major currencies after Trump said he would remove Cook.

The law that created the Fed says governors may be removed only "for cause," but does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.

Cook's emergency motion to block her removal pending further litigation is taken up by Cobb, an appointee of Democratic President Joe Biden.

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