Judge rules Lisa Cook can remain Fed governor for now as Trump tries to fire her

A national Judge connected Tuesday ruled that Lisa Cook tin stay successful her relation connected the Federal Reserve's Board of Governors portion her suit challenging President Trump's effort to occurrence her from her station plays out.

"President Trump has not stated a legally permissible origin for Cook's removal," U.S. District Judge Jia Cobb, who was appointed by erstwhile President Joe Biden, wrote successful her ruling, which is apt to beryllium appealed.

Mr. Trump said helium is firing Cook implicit allegations she made mendacious representations connected owe agreements respective years ago.  

"President Trump's stated origin refers lone to allegations regarding Cook's behaviour earlier she began serving connected the Federal Reserve Board," Cobb wrote. "As discussed above, specified allegations are not a legally permissible cause."

Abbe David Lowell, an lawyer representing Cook successful her lawsuit, said successful a connection to CBS News connected Tuesday night, "This ruling recognizes and reaffirms the value of safeguarding the independency of the Federal Reserve from amerciable governmental interference. Allowing the President to unlawfully region Governor Cook connected unsubstantiated and vague allegations would endanger the stableness of our fiscal strategy and undermine the regularisation of law. Governor Cook volition proceed to transportation retired her sworn duties arsenic a Senate-confirmed Board Governor."

CBS News has reached retired to the White House for comment. 

Under national law, Fed committee members serve for 14-year terms and tin lone beryllium fired by the president "for cause." Cook has served connected the Fed since being appointed to implicit different member's unexpired word successful 2022, and her existent word would tally until 2038. 

This a breaking quality story. It volition beryllium updated.

• Federal Reserve
• Federal Reserve Board