Judge Jia Cobb issued an order that blocks the dismissal of the governor of the Federal Reserve, questioning the legality of the procedure and guaranteeing her participation in the September meeting.
Judicial coup to Donald Trump in his attempt to Move Lisa Cook of the Federal Reserve (Fed). Judge Jia Cobb, from the Columbia district, issued a temporary restriction order thatE blocks the dismissal of the governor as long as the lawsuit that filed against its dismissal progresses.
In her ruling, the magistrate stressed that “The public interest in the independence of the Federal Reserve weighs in favor of the reincorporation of Cook”and concluded that the official “has clearly demonstrated that her expulsion was made in violation of the clause ‘for Causa’ provided for in the Federal Reserve Law.”
Cobb remarked that the legal provision in question does not contemplate the dismissal of a member of the Board of Governors for events before assuming the position, as is the case of accusations of alleged mortgage fraud. In addition, he pointed out that the way in which the dismissal was executed probably violated Cook’s right to due constitutional process.
Lisa Cook
“The best interpretation of the provision ‘for Causa’ is that the basis for dismissal is limited to the governor’s behavior in the exercise of his functions and if he has fulfilled his statutory duties faithful and effectively,” said the judge.
The ruling also questions the procedure: Bill Abundo social networks, director of the Federal Housing Financing Agency, as well as Trump’s announcement himself about his intention to fire Cook, do not constitute a formal or adequate notification of the facts.
With this decisionCook can participate in the next Fed Monetary Policy meeting, scheduled for September 16 and 17. However, the conflict is far from resolving: everything indicates that the government will appeal and that it will be the Supreme Court that has the last word.
It should be remembered that Trump had announced on August 25 the “immediate” dismissal of Cook, claiming an alleged Mortgage fraud based on the alleged falsification of documents.
Source: Ambito
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