Former President Donald Trump has appealed a case involving Federal Reserve Governor Lisa Cook ahead of a key interest rate decision by the central bank this week.
The Justice Department lawyers representing the president have filed an appeal against a preliminary injunction issued by a district court on September 9 regarding Trump's decision to remove Cook.
The government argues that "removal for cause" is a broad standard of discretion granted to the president by Congress, which is not subject to judicial review.
The statement reads: "When the law grants the power of 'removal for cause' without specifying the reasons, the removal decision is a matter of discretion and is not reviewable."
President Trump attempted to remove Cook on August 25, citing alleged "deception and potential criminal conduct" related to mortgage agreements, referencing apparent false statements in loan documents. Cook challenged this, arguing that her dismissal exceeded the president's authority and violated her due process rights.
The case has sparked significant legal controversy over presidential removal powers and has reignited concerns about the independence of the Federal Reserve, raising questions about the reliability of the dollar.
However, new evidence appears to have emerged that directly contradicts the Trump administration's mortgage fraud allegations.
According to NBC on Saturday, a loan summary from May 2021 shows that Cook's Atlanta property was used as a vacation home, supporting her position that she correctly disclosed it as a second home rather than a primary residence.
These documents may imply that there were no actual false statements in her mortgage application, weakening the government's argument.
Trump's appeal was filed just days before the Federal Reserve is set to make a key interest rate decision on Wednesday.
The Fed is expected to unanimously agree to cut rates for the first time since December 2024.
The CME futures market predicts a 96.4% probability of a 25 basis point rate cut to 4.0%-4.25% on Wednesday, with a 3.6% probability of a 50 basis point cut.
RSM Chief Economist Joe Brusuelas told Yahoo Finance, "Yes, you traders are going to get a rate cut," adding that economic data does not indicate three rate cuts before the end of the year.
Fed set to cut rates this week…With stocks at record highs. Credit spreads near record lows. Gold at record highs. Bitcoin near record highs.
Meanwhile, Bloomberg reports that BlackRock executive Rick Rieder is rising on the list of candidates for Federal Reserve Chair after Jerome Powell's term expires in May.
Related: Alex Thorn: There is a "great opportunity" for the U.S. to form a strategic Bitcoin (BTC) reserve by the end of the year.
Original: “Trump Renews Push to Oust Fed Governor Cook Ahead of Expected Rate Cut”
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