Overview

• Federal prosecutors filed an emergency application seeking to overturn an appeals court decision that blocked President Trump’s attempt to remove Lisa Cook.
• A U.S. appeals court recently declared the dismissal invalid, leaving Cook on the Federal Reserve Board pending further review.
• Trump announced Cook’s removal in August, alleging she made false statements on mortgage documents filed before her tenure.
• Cook denies the allegations and sued, arguing the president lacks authority to oust a Fed governor except for cause under statutory protections.
• A judge wrote that the public interest in the Fed’s independence supports Cook’s reinstatement, and earlier rulings in Washington kept the block in place as the case moves to the Supreme Court.