Trump Administration To Appeal Court Decision Blocking Lisa Cook’s Firing: Report

The Trump administration will reportedly appeal a U.S. appeals court decision blocking the firing of Federal Reserve Governor Lisa Cook.

According to a Reuters report citing White House spokesperson Kush Desai, the Trump administration maintained that it removed Cook “for cause.”

“The President lawfully removed Lisa Cook for cause. The Administration will appeal this decision and looks forward to ultimate victory on the issue,” said Desai, according to the report.

In August, Cook’s attorney, Abbe Lowell, called Trump’s allegations untrue and argued that it would not constitute sufficient cause needed to remove her from her post. He added that the firing would “subvert” the Federal Reserve Act and called the allegations against Cook unsubstantiated.

Cook will also stay on the Fed’s Board of Governors, according to the directions of a U.S. federal court judge. U.S. District Judge for the District Court of Columbia Jia Cobb said, “The Court will enter an injunction directing [Jerome] Powell and the Board of Governors to allow Cook to continue to operate as a member of the Board for the pendency of this litigation.”

In a ruling on Monday, the appeals court blocked President Donald Trump’s attempt to fire Cook, stating that the latter’s claim of the lack of due process was “very likely meritorious,” which means the court does not have to deal with the Trump administration’s “for cause” claim, according to a Reuters report.

Meanwhile, U.S. equities rose in Tuesday’s opening trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.14%, while the Invesco QQQ Trust (QQQ) gained 0.16%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

Also See: Bessent Says Trump’s Willingness To Shut Down TikTok In US Pushed China To Make A Deal: Report

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