A judge Lisa Cook will listen to the arguments in the firing case as the Fed Governor faces hostage fraud charges. Fox Business Lydi Hu with more.
chairman Donald Trump On Friday, it was requested that a federal judge denied a request by Federal Reserve Governor Lisa Cook to stop the President from firing, as to remove the court proceedings to prosecute him to remove him.
Trump on Monday shifted the Cook on the allegations of hostage fraud raised by the President’s associate, Federal Housing Finance Agency Director Bill Pulte, which was focused on Cook, which was sent in two weeks in 2021, claiming the status of primary residence on the two bonds received on two hostages received at homes in N Arber, Michigan and Atlanta.
Cook filed a case on Thursday, arguing that the President had not met the standard of removal for the reason and requested a preventive order to allow him to live. federal Reserve,
The Trump administration court has argued that the criminal referral of the Pulte satisfied the threshold “for reason, which is necessary for a fed governor to remove from his role, whether the work of the Cook was found by the standards of criminal mortgage fraud.
Federal Reserve Governor Lisa Cook Case Trump
President Donald Trump Fed is insisting on removing Governor Lisa Cook. (Andrew Harnik/Al Drago/Getty Image/Getty Images)
The filing of the Trump administration stated, “Under any standard, facial contradictory statements in financial documents – whether a criminal burden of evidence may be maintained or not – is more than a sufficient base to remove a senior financial regulator from the office.”
Federal Reserve and Chairman Zerome poly Cook’s trial was also nominated as defendants, although it is only to ensure that Cooks can get legal relief and remain in their role as a fed governor if he is strong in his legal matter against an attempt to remove.
The Fed’s filing suggests that while the Central Bank has the right to prosecute independently under the Federal Reserve Act and it will be present at Friday hearing, “It does not intend to offer arguments related to the proposal of Governor Cook.”
The Fed’s filing stated, “At this time, the board only expresses its interest in a quick judgment by this court to remove the current cloud of uncertainty by this court, and (2) with the intention of following any order of this court,” Fed’s filing.
Cook’s case against Trump establishes a possible Supreme Court Clash
Fed Chair Jerome Powell and Fed Governor Lisa Cook have faced criticism from President Trump amidst their pressure campaign on the Central Bank. (Through Saul Loaib / AFP Getty Image / Getty Image)
Cook’s trial counts the claims of the Trump administration that it can be removed after referral, saying that federal laws define negligence, malfunction or disability to remove officers in other agencies, while as a standard in the office as a standard in the office “For reason” expulsion,
Cook demanded a temporary preventive order, saying in the proposal, there is no comprehensible interpretation of ‘Removal Protection’, which will allow the President to fire Governor Cook, either for their real purpose or for the predecessor made by them. “
Such orders cannot generally be appealed, but if the US district court Judge Jia Cob Grants the prohibition order, it will probably be a long -term prohibition, which can be reviewed by the court. Cob said that she would set a briefing schedule in the case during the Friday hearing.
Trump fired Fed Fed Governor Lisa Cook on alleged hostage fraud: what did he do?
President Donald Trump has recently supported his threats to an attempt to fire Federal Reserve President Jerome Powell. (Reuters / Kent Nishimura / Reuters)
The case is likely to reach America Supreme CourtWhere a conservative majority allows Trump to set fire to other agencies, despite the laws protecting them from removal – although a decision in May distinguished the Federal Reserve through his unique structure and “specific historical tradition” from those agencies.
The Trump administration has a legal dispute amidst efforts to create pressure in the fed Interest rate reductionIf the cook is removed, it will allow Trump to name his fourth pick to the seven -member board of governors of the Fed, all of which serve in the federal open market committee that make monetary policy decisions.
Trump has repeatedly criticized Fed Chair Powell, which he appointed for the role in 2017, not cutting interest rates and allegedly incorrectly missing an expensive renovation project.
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While the President has tried to set Pavel on fire on several occasions, the President has returned those dangers late as Pavel’s term is ready to end in May.
Fed is expected to cut interest rates in its next policy meeting in mid -September amid signs of a weak labor market. Top inflation above 2% target of Fed.
Reuters contributed to this report.
