Appeals Court Blocks Trump's Effort to Immediately Remove Fed Governor Lisa Cook

An appeals court has ruled against President Donald Trump's efforts to remove Federal Reserve Governor Lisa Cook from her position.

According to a report from the Wall Street Journal, the appeals court upheld a ruling that would allow Cook to keep her position while her lawsuit against him works its way through the court system. Unless the Supreme Court steps in, Cook would be able to vote in this week's meeting, which starts Tuesday.

Cook is suing Trump to keep her position at the central bank. In late August, Trump terminated Cook, saying she committed mortgage fraud. Cook said her dismissal was "unprecedented and illegal."

Removing Cook escalates Trump's attempts to meddle with the Federal Reserve. He has criticized the central bank's policy-making committee for keeping interest rates elevated and has particularly targeted Fed Chair Jerome Powell.

The policy-making committee comprises of seven governors and a rotating lineup of regional bank presidents. The committee is scheduled to meet Tuesday and Wednesday, and is widely expected to cut the Fed's benchmark rate.

Also on Monday night, the Senate voted to confirm Trump's pick to fill a vacant spot on the board of governors. Some economists worry that political considerations could influence future Fed decisions, rather than economic ones, leading to higher inflation over time.

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