Appeals court rejects Trump bid to fire Fed governor Lisa Cook

An appeals court has rejected President Donald Trump's attempt to remove Federal Reserve governor Lisa Cook from her position. The U.S. Court of Appeals for the District of Columbia Circuit ruled 2-1 that Cook will remain in her role as she litigates her dispute with the president. Trump had sought emergency relief to fire Cook before a Federal Reserve meeting. Judges Bradley Garcia and Michelle Childs argued in a concurring opinion that Cook has a property interest in her position and is entitled to due process, which she was not given. Trump announced Cook's firing last month over mortgage fraud allegations, but Cook sued and was granted a temporary restraining order. She stated that Trump has no authority to fire her for cause when no cause exists under the law. The public interest in Federal Reserve independence also supports Cook's reinstatement. Cook's term is not set to expire until 2038. Trump is likely to appeal to the Supreme Court, but a ruling before the Fed meeting is improbable.