Trump Administration Asks Supreme Court To Allow Firing Of Fed Governor Lisa Cook

The Trump administration on Thursday asked the U.S. Supreme Court to lift the block imposed by a lower court ruling on President Donald Trump, preventing him from firing Federal Reserve Governor Lisa Cook. 

The filing comes after a confirmation from the White House on Tuesday that it would appeal the lower court’s ruling, stating that Cook was lawfully fired “for cause.”

“This application involves yet another case of improper judicial interference with the President’s removal authority—here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause,” the Trump administration stated in its appeal.

The administration also stressed that Cook’s mortgage applications listed both her homes as primary residences because “lenders usually offer lower interest rates for principal-residence mortgages because they view such mortgages as less risky.”

This comes after an appeals court blocked President Donald Trump’s attempt to fire Cook in a ruling on Monday, 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.

However, the Trump administration responded, saying it would appeal the ruling. “The President lawfully removed Lisa Cook for cause. The Administration will appeal this decision and looks forward to ultimate victory on the issue,” White House spokesperson Kush Desai said on Tuesday.

Meanwhile, U.S. equities were up in Thursday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.69%, while the Invesco QQQ Trust (QQQ) gained 1.23%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘extremely bullish’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was down 0.24% at the time of writing.

Also See: David Tepper Fed Can Cut Rates A Bit More, But Warns Against Easing Too Much: Report

For updates and corrections, email newsroom[at]stocktwits[dot]com.