U.S. President Donald Trump and Lisa Cook, governor of the U.S. Federal Reserve
Annabelle Gordon | Reuters | Al Drago | Bloomberg | Getty Images
Lawyers for President Donald Trump on Thursday asked a federal appeals court to let his bid to fire Federal Reserve Board Governor Lisa Cook take effect before the central bank’s rate-setting committee meets next week.
The request to the U.S. Court of Appeals for the District of Columbia Circuit came two days after a lower-court judge blocked Trump from removing Cook from her post while her lawsuit proceeds.
The Federal Open Market Committee, which includes Cook, is set to convene Tuesday for a two-day policy meeting where members will decide whether to cut a benchmark interest rate.
Trump’s lawyers from the Department of Justice want the appeals court to issue a ruling by Monday afternoon because the FOMC “is scheduled to meet and may direct open market activities for Federal Reserve Banks” by Tuesday, their court filing says.
Trump wants the Fed to slash rates in order to spur economic growth and reduce the cost of paying the nation’s debts. He has frequently attacked Fed Chairman Jerome Powell for refusing to lower rates in 2025 so far, and at points considered trying to fire him.
Trump has backed off the threats against Powell, but he has followed through on moving to fire Cook, an appointee of former President Joe Biden who has voted in lockstep with Powell.
Trump cited allegations of mortgage fraud put forward by his administration’s housing finance director, Bill Pulte, as the reason for ordering Cook’s removal. He has since predicted that he will soon have a “majority” on the Fed board that will vote to lower interest rates. Cook has denied committing mortgage fraud.
Thursday’s filing asks the D.C. appeals court for a stay of Tuesday’s ruling from U.S. Judge Jia Cobb, who barred Cook’s firing while her lawsuit against Trump continues.
“The public interest in Federal Reserve independence weighs in favor of Cook’s reinstatement,” Cobb wrote then.
