The move by President Donald Trump to remove Federal Reserve Governor Lisa Cook has been thrown out by a U.S. federal appeals court, highlighting the legal safeguarding of the independence of the central bank. The court said the claims made by Trump could not prove a legal basis to fire them, and that the Fed governors could not be fired without a clear statutory reason.
The first woman to become a member of the Federal Reserve Board culminating in 2022 is Cook and has supported inclusive economic growth. The ruling is perceived as another loss to Trump in his overall attempt of overhauling the central bank and having an influence on monetary policy.
