A federal appeals court ruled Monday that President Donald Trump cannot fire Federal Reserve Governor Lisa Cook before the central bank’s policy committee votes on whether to lower interest rates.
The ruling from the U.S. Court of Appeals for the District of Columbia Circuit means that Cook, a member of the Fed’s board of governors, can participate in the pivotal two-day meeting starting Tuesday morning.
Trump’s attorneys had submitted an emergency request to pause a lower-court ruling last week, which barred Cook’s firing from taking effect while her lawsuit against the president’s action continues.
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