Trump appeals order blocking dismissal of Fed Governor Lisa Cook

ISTANBUL

US President Donald Trump on Wednesday appealed a federal judge's order that blocked him from firing Fed Governor Lisa Cook while a case against her dismissal is still pending.

The appeal was filed one day after US District Court Judge Jia Cobb said, "The public interest in Federal Reserve independence weighs in favor of Cook’s reinstatement.”

Cook has "made a strong showing," according to Cobb, that Trump's dismissal went against the Federal Reserve Act's mandate that the board governors be removed only for "cause."

The court also found that the removal "likely violated Cook's procedural rights under the Fifth Amendment's Due Process Clause" and that Cook demonstrated "irreparable harm from her removal."

Trump announced Aug. 25 that he fired Cook, the first black woman to hold the position of Fed governor.

Bill Pulte, the director of the Federal Housing Finance Agency, accused Cook of mortgage fraud, which is why the president said he was taking the action.

Cook denied any wrongdoing, while her lawyers contend that Trump is only using Pulte's allegations as a pretext, and that the president is using her potential removal as part of a campaign to persuade the Fed to lower interest rates.

Of the Fed's seven governors, two have been chosen by Trump and are involved in interest rate-setting decisions.

Prior to his appeal on Wednesday, the Senate Banking Committee recommended in a party-line vote that the full Senate accept Stephen Miran, Trump's nominee, to fill a Fed governor's seat that was left open by Adriana Kugler's abrupt departure last month.

Trump would have a chance to appoint a majority of the Fed's board if Cook were eventually removed.