""A stay by this court would therefore be the first signal from the courts that our system of government is no longer able to guarantee the independence of the Federal Reserve. Nothing would then stop the president from firing other members of the board on similarly flimsy pretexts. The era of Fed independence would be over. The risks to the nation's economy could be dire,""
""At stake is whether the Trump administration will succeed in its extraordinary effort to shape the board before the Fed's interest rate-setting committee meets Tuesday and Wednesday. At the same time, Senate Republicans are pushing to confirm Stephen Miran, President Donald Trump's nominee to an open spot on the Fed's board, which could happen as soon as Monday. Trump has accused Cook of mortgage fraud because she appeared to claim two properties as "primary residences" in July 2021, before she joined the board.""
Lisa Cook filed with a U.S. appeals court asking it to refuse the Trump administration's emergency request to stay a lower court ruling that would permit her removal from the Federal Reserve board. Her lawyers argue the administration has not shown sufficient cause to fire her and warn that removal without cause would threaten Fed independence and risk the national economy. The court set a response deadline of 3 p.m. Eastern Sunday. The dispute coincides with the Fed's upcoming interest-rate meeting and Senate Republican efforts to confirm Stephen Miran to the board. Cook denies mortgage fraud allegations and has sued to block her firing.
Read at Fortune
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