Summary
A federal court ruled that Federal Reserve Governor Lisa Cook can keep her position while she challenges President Donald Trump's attempt to fire her. The court found that the allegations against Cook were not sufficient legal grounds for her removal and allowed her to continue working as the legal process continues.
Key Facts
- Lisa Cook is a governor on the Federal Reserve Board.
- President Trump attempted to fire Cook on allegations of mortgage fraud.
- A federal judge blocked the firing, saying Cook could stay in her role during her legal fight.
- The judge found the allegations did not provide enough legal reason for her dismissal.
- Federal Reserve governors can only be removed for actions taken during their time in office.
- The decision allows Cook to participate in upcoming Federal Reserve meetings.
- The court noted that the law intends to protect Fed governors from political pressure.
- The ruling might be appealed by the Trump administration.
