The Federal Reserve said on Tuesday that it would follow the court’s verdict in the upcoming trial with Lisa Cook, a member of the Fed Board of Governors, which challenges his firing by President Trump.
“Lisa Cook has indicated through her individual lawyer that she will immediately challenge the action in the court and seek a judicial decision that would confirm her ability to fulfill her ability to fulfill her responsibilities as a Senate-Compressed member of the Board of Governors of the Federal Reserve System,” a spokesman of the Fed said in a statement.
The spokesman said, “The Federal Reserve will follow any court verdict.”
After issuing a letter on Monday, Trump said that he was firing Cook on alleged hostage fraud, Cook’s Attorney Abbey David Lowell said that Trump did not have the power to fire Cook.
“President Trump has no right to remove Federal Reserve Governor Lisa Cook,” he said in a statement.
On Monday evening, Trump posted a letter for cooking on his social media account stating that he was removing it from his position.
“You are immediately removed from your position in the Board of Governors of the Federal Reserve,” said the letter.
Firing by Trump and the challenge by Cook increases the pressure campaign from the White House to a new level. Trump Fed has been asking Fed to reduce interest rates for months, and so far, the committee has refused to pay attention to their calls.
Prices in the economy have been rising in the last few months, while unemployment has been low despite the decline in the labor market.
Fede mandate is to keep unemployment and low prices, which makes the short -term interest rate to adjust profitability. When the interest rates are high, the profits are low, prevents companies from hiring, and when the interest rates are low, the profits are high, encourages companies to rent and invest.
Trump is keen to see the economy performing well despite the reverse value risks, so they are pressurizing the fed through some unconventional means.
After making fun of the barking order in Powell and making fun of them, Trump accused Powell of more fraud than a cost for renewal of a fed features. He estimated a new cost on Powell during a rare joint appearance by two men, but Powell rejected it.
Federal Housing Finance Agency (FHFA) Director Bill Pulte accused Cook of hostage fraud, citing documents that allegedly nominate Cook as two separate houses as their primary residence.
Pulte has attacked FHFA from his post to other political enemies of the President, who oversees the government -backed hostage that protects Fanny Mae and Freddy Mac.
He accused Sen Adam Shif (D-Calif), a hearing of an instrument in the 6 January committee, which responded to the attack on the capital, and New York Attorney General Latitia James, who has brought many cases against the President, hostage fraud.
