More high-level legal shenanigans are on the docket, as an appeals court has ruled that President Trump does not have the authority to fire Federal Reserve Governor Lisa Cook with cause due to allegations of mortgage fraud.
As reported by ZeroHedge, the judge who made the ruling, Jia Cobb (who just happens to be a sorority sister of Cook's), placed a temporary block on her firing.
Cobb granted Cook's request to continue in her role, finding that the alleged mortgage misconduct likely didn't amount to 'cause' to fire her under the Federal Reserve Act. Cobb also found that the way Cook was fired likely violated her right to due process under the Constitution.
'The best reading of the "for cause" provision is that the bases for removal of a member of the Board of Governors are limited to grounds concerning a Governor's behavior in office and whether they have been faithfully and effectively executing their statutory duties,' Cobb wrote.
According to this judge, the president of the United States lacks the authority to fire Federal Reserve officials who are facing criminal charges. Because of … something.
The ruling means that Cook will likely be able to attend an anticipated Fed policy meeting Sept. 16-17 to vote on interest rates.
The DOJ is expected to quickly appeal the ruling, leaving the final say to the US Supreme Court.
Seems like everything Trump does these days ends up being decided by the Supreme Court. Then again…
SCOTUS, here we come.
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