Federal Reserve Governor Lisa Cook is fighting the President Donald Trump administration in court after an emergency bid sought to remove her from the central bank ahead of a pivotal interest rate decision.
Cook’s Lawyers Warn Of Threat To Fed Independence
In a Saturday filing with a U.S. appeals court, Cook’s attorneys urged judges to reject the administration’s request for a stay of a lower court ruling that blocked her removal, according to Fortune.
“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,” the …