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Supreme Court lets Lisa Cook remain as a Federal Reserve governor for now
Opinions |
2025/10/01 07:02
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The Supreme Court on Wednesday allowed Lisa Cook to remain as a Federal Reserve governor for now, declining to act on the Trump administration’s effort to immediately remove her from the central bank.
In a brief unsigned order, the high court said it would hear arguments in January over Republican President Donald Trump’s effort to force Cook off the Fed board.
The court will consider whether to block a lower-court ruling in Cook’s favor while her challenge to her firing by Trump continues. The high-court order was a rare instance of Trump not quickly getting everything he wants from the justices in an emergency appeal.
Cook will be able to take part in the remaining two Fed meetings in 2025, including the next meeting of its interest rate-setting committee in late October.
Separately, the justices are hearing arguments in December in a separate but related legal fight over Trump’s actions to fire members of the boards that oversee other independent federal agencies. The case concerns whether Trump can fire those officials at will.
But a second issue in the case could bear directly on Cook’s fate: whether federal judges have the authority to prevent the firings or instead may only order back pay for officials who were wrongly dismissed.
Trump had sought to oust Cook before the September meeting of the Fed’s interest rate-setting committee. But a judge ruled that the firing was illegal, and a divided appeals court rejected the Trumps administration’s emergency appeal.
A day after the meeting concluded with a one-quarter of a percentage point reduction in a key interest rate, the administration turned to the Supreme Court in a new emergency appeal.
The White House campaign to unseat Cook marks an unprecedented bid to reshape the Fed board, which was designed to be largely independent from day-to-day politics. No president has fired a sitting Fed governor in the Fed’s 112-year history.
“President Trump lawfully removed Lisa Cook for cause from the Federal Reserve Board of Governors. We look forward to ultimate victory after presenting our oral arguments before the Supreme Court in January,” White House spokesman Kush Desai said.
The court already has suggested that it will view the Fed differently from other independent agencies and Wednesday’s order is another demonstration of that distinction, said Lev Menand, a professor at Columbia Law School and author of a book on the Fed.
The justices have allowed other firings to take effect while legal challenges proceed, including in the case that will be argued in December involving Rebecca Slaughter, whom Trump fired from the Federal Trade Commission.
“The court seems to be steering a different course here,” Menand said. “It has the effect of freezing the status quo that is in favor of Fed independence.”
Cook, who was appointed to the Fed board by Democratic President Joe Biden, has said she will not leave her job and won’t be “bullied” by Trump. Her lawyers said in a statement Wednesday that the court’s decision “rightly allows Governor Cook to continue in her role on the Federal Reserve Board, and we look forward to further proceedings consistent with the Court’s order.”
Separately, Senate Republicans recently confirmed Stephen Miran, Trump’s nominee to an open spot on the Fed’s board. Both Cook and Miran took part in last month’s meeting. Miran was the sole dissenting vote, preferring a larger cut.
Trump has accused Cook of mortgage fraud because she appeared to claim two properties, in Michigan and Georgia, as “primary residences” in June and July 2021, before she joined the Fed board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home.
Cook has denied any wrongdoing and has not been charged with a crime. According to documents obtained by The Associated Press, Cook specified that her Atlanta condo would be a “vacation home,” according to a loan estimate she obtained in May 2021. In a form seeking a security clearance, she described it as a “2nd home.” Both documents appear to undercut the administration’s claims of fraud.
U.S. District Judge Jia Cobb ruled that the administration had not satisfied a legal requirement that Fed governors can only be fired “for cause,” which she said was limited to misconduct while in office. Cook joined the Fed’s board in 2022.
Cobb also held that Trump’s firing would have deprived Cook of her due process, or legal right, to contest the firing. By a 2-1 vote, a panel of the federal appeals court in Washington rejected the administration’s request to let Cook’s firing proceed.
Trump’s lawyers have argued that even if the conduct occurred before her time as governor, her alleged action “indisputably calls into question Cook’s trustworthiness and whether she can be a responsible steward of the interest rates and economy.” |
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Koreatown Directory, Interesting News, Memes, and Articles
Opinions |
2023/05/05 13:20
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<a href=https://www.ktownpromo.net/index.php?page=search&sCategory=150>Koreatown Business News </a>
Win new Koreatown customers with a Koreatown business directory listing! Business listings for all of your Koreatown needs. The best business directory of Local Businesses in Koreatown Los Angeles, CA. Find business listings by business category, business title, phone numbers, driving directions, business addresses, website information, maps and more. Ktownpromo.net business directory is an online list of businesses within a particluar niche, business category and trendy news.
Search our directory to find local businesses that service your needs. Ktownpromo.net business directory represents a highly effective business opportunity because it's used by local customers looking for local businesses at the time they need those businesses. Get your business listed in Koreatown business listings. Easily list your business on the Koreatown business directory the way it should be listed. |
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Mexican president lashes out at Supreme Court chief justice
Opinions |
2023/03/01 09:50
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Mexico’s president lashed out Wednesday at the chief justice of the country’s Supreme Court, accusing her of promoting rulings favorable to criminal suspects.
President Andrés Manuel López Obrador’s comments opened a new debate over the separation of powers in Mexico, at a time when the Supreme Court is expected to rule on the president’s controversial cuts to election agency funding.
López Obrador has already attacked independent regulatory agencies, slammed the judiciary and cut funding for the National Electoral Institute.
The electoral dispute has led the president to feud with the press, demonstrators and the U.S. State Department. Opponents say the electoral cuts threaten Mexico’s democracy, and have appealed them to the Supreme Court.
López Obrador’s comments Wednesday opened a head-on conflict between the administration and Supreme Court Chief Justice Norma Piña, the first woman to hold that post.
The president was angered after a judge issued an injunction striking down an arrest warrant against Francisco Garcia Cabeza de Vaca, a former governor of the northern border state of Tamaulipas, who had been accused of corruption.
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Intellectual Property Matters – Onu Law Firm
Opinions |
2021/08/02 10:30
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Intellectual Property Matters – Onu Law Firm. If you are making new intellectual property and need strategies, or perhaps you need litigation for an intellectual property dispute, The Firm is here for you.
All matters concerning intellectual property are familiar to us, including but not limited to trade secret, copyright, trademark, counseling related to copyright, and other such issues.
Much of what we do is related to securing, protecting, and managing intellectual property rights for our clients, in addition to crafting agreements with others to maximize the value of their property.
Read more. |
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What is the secret to the longevity of fresh flowers?
Opinions |
2021/01/01 13:59
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The company was founded by Bodi Shannon, who studied English literature and culture in the UK and whose love for the poetry of William Shakespeare reflected the company name. Bodi believes in endless love and thoughtfulness. Her mission is to create immortal truth and devotion, timeless elegance, and beauty in its purest form.
Bodi and her team of professional florists design dreams in luxurious suede boxes. We present different collections for you. Sonnet 54 searched the globe for the finest roses. Our flowers are grown in Ecuador and Columbia.
Sonnet 54 is instant language, which helps you present yourself to your special someone.
Arrangements contain the most genetically flawless roses, with large heads and incredibly vivacious colors. We do our best to create, design, and deliver the very best collections for you to enjoy.
Humans have long had a fascination with collecting and preserving flowers, a practice believed to date back to ancient civilizations.
Flowers of the time were often found framed behind glass in elaborate arrangements, sometimes with pieces of ribbon to complement the blooms
In the 70s, the spouses Paul and Jeanette Lambert first tried to extend the life of a flower by replacing the composition of its cells. ⠀
Perfect for Valentine’s Day, Anniversaries, Birthdays, Mother’s Day, Thanksgiving, Christmas, and Weddings and for every day to make it beautiful. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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