Trump administration requests emergency ruling to remove Cook from Fed board

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON AP The Trump administration has solicited an appeals court to remove Lisa Cook from the Federal Reserve s board of governors by Monday before the central bank s next vote on interest rates Related Articles -year-old boy identified as Colorado high school shooter Income inequality dipped and fewer people moved according to largest survey of US life South Korean workers detained in immigration raid leave Atlanta and head home US inflation worsened last month and job sphere slowed The number of Americans filing for jobless benefits last week hits preponderance in nearly years Trump sought to fire Cook Aug but a federal judge ruled late Tuesday that the removal was illegal and reinstated her to the Fed s board Trump has accused Cook of mortgage fraud because she appeared to claim two properties as primary residences in July before she joined the board Such proposes can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home Cook has denied the charges On Tuesday U S District Court Judge Jia Cobb ruled that the administration had not satisfied a requirement that Fed governors can only be fired for cause which she stated was limited to misconduct while in office Cook did not join the Fed s board until In their emergency appeal Trump s lawyers argued that even if the conduct occurred before her time as governor her alleged actions indisputably calls into question Cook s trustworthiness and whether she can be a responsible steward of the interest rates and financial sector They required an appeals court to issue an emergency decision reversing the lower court by Monday The Fed begins its next meeting Tuesday and will announce a decision on interest rates on Wednesday The central bank is almost certain to reduce its benchmark rate at that meeting by a quarter-point to about