The Trump administration is trying to block Federal Reserve Board Governor Lisa Cook from participating in the Fed meeting that begins on Tuesday, even though a federal district court has ruled that she remains in office because the president lacked the authority to fire her.
In asking the US Court of Appeals for the DC Circuit to stay the lower court’s order, the Justice Department asserted the extraordinary claim that the president has absolute discretion to fire Cook and that the courts lack the authority to review the dismissal. If that were true, then the statutory requirement that Fed governors may ...