Federal Reserve Gov. Lisa Cook’s Fight Over Her Future is Getting Eight More Heated.
AFTER A FEDERAL JUDGE BLOCKED Trump’s Attempt to Fire Her, Trump Asked An Appeals Court to Let His Ouster of Cook Go Through before the Federal Reserve’s Scheduled on Tuesday.
The Federal Open Market Committee, Which Includes Cook, is Set to Consider Whether to Cut Benchmark Interest Rates During Its Two-Day Meeting in Washington. Most Fed Watchers Expect the Central Bank to Cut Rates After Holding Steady for 2025 Thus Far, Thought Far Short of Draft Cuts Trump Has Pushed.
Here’s the How Cook Found Herself at the Center of a Legal Showdown with Trump.
What was lisa Cook’s Early Life Like?
Lisa Denll Cook was Born in 1964 in Milledgeville, Georgia. Her Father, Payton B. Cook, was a Chaplain at Central State Hospital. Mary Murray Cook, Her Mother, was a nurse and the first african-American Tenured Faculty at Georgia College and State University.
Cook and Her Sisters were Among the first black students to integrate ino local schools. She has Said she has scars from weat students beat her.
“I have scars scars from that – Scar where hair won’t grown in my eyebrow and a scar on my leg from hating been during that period, durying the period of deregation,” Cook told npr 2020.
The Civil Rights Movement Runs Throughout Cooks Family. Cook’s Cousin, Floyd Mckissick Sr., Helped the March on Washington.
COOK’S FAMILY WAS DEEPLY INVOLVED IN THE CIVIL RIGHTS Movement, and Her Uncle was a Classmate of Martin Luther King Jr.
AP Photo/File
Her Uncle, Samuel Dubois Cook, was a classmate of Martin Luther King Jr. at Morehouse College. In 1966, Dubois Cook Became the First Black Professor to Hold A Regular Appointment at A White Southern University we have Accept A POSITION AT, ACCING TO MARTIN LUTHER King Jr. Research and Education Institute at Stanford.
“He instilled in with the Deep Belief of the Civil Rights Movement that with Faith, Preparation, and Great Efffort, Things Could and Waled Be Better,” Cook Said, Praising Her Uncle and A Host of Relatives in April 2024 WEN Her Uncle’s Name.
Where did she go to collect?
In 1986, Cook Graduated With A Bachelor’s Degree in Philosophy and Physics from Spelman College, A Historically Black, All-Women’s University. While at Spelman, Cook Became the first spelman student to win the prestigious marshall scholarship.
Two Years Later, Cook Added A Ba Ba in Philosophy, Politics, and Economics from the University of Oxford. Cook Also Studied at the University Cheikh Anta Diop in Dakar, Senegal. In 2020, She Told Finance & Development, The International Monetary’s Fund’s Magazine, that a Chance Encounter while Studying in Senegal Pushhed Her Into The Field of Economics.
She Later Earned Her Ph.D. In Economics from the University of California, Berkeley. Her dissertation was on “external and internal Credit markets in tsarist and post-Soviet Russia.”
WHO APPOINTED COOK TO The Federal Reserve?
Fed Chair Jerome Powell Swore Cook Into Office in 2022.
Olivier Douliery/AFP/Getty Images
In 2022, President Joe Biden Nominated Cook to the Federal Reserve. At the time, democrats narrowly controlled the US Senate. While federal reserve nominees are offen confirmed with broad, bipartisan Support, Cook’s nomination faced Significant Opposition.
Sen. Pat toomey, a republic from pennsylvania who at the time was the Top Republic on the Senate Banking Committee, Said She was “grossly unqualified” to serve on the central bank of monetary policy expanice.
“Professor Cook’s Record Indicates that she is liked to inject the political bias into the fede’s work – at a time we were Need the Fed Fighting on Fighting,” Toomey Said.
Then-how. Sherrod Brown, A Democrat From Ohio, Who LED the Senate Banking Committee, Said That Cook Was “Extremely Qualified.”
“A Small but Loud minority has workgly clalimed that lisa cooks doesn’t meet the standards for this position – standards that only seem to apply for Certain Nominees,” Brown Said in 2022. “Still, she met and exceeded all of the high bars: she’s a pH. and she is sough by organizations around the world for her input and perspective. “
On May 10, 2022, Vice President Kamala Harris Cast the Tie-Breaking Vote to Confirm Cook. Soon after, Cook Became the first Black Woman to serve on the Federal Reserve Board in Its Over 100-Eyar History. She continues to hold this distinction.
In May 2023, biden renominated cook for a full term that lasts unil 2038. She was reconfirmed by a 51-47 vote.
Why Did Trump Try to Fire Her?
In August, Federal Housing Finance Agency Director Bill Pulte Made A Criminal Reference to the Justice Department. In a letter to the doj, poultry said he took allegations of mortgage fraud “Very Serious.” An outspoken critic of fed chair jerome Powell, PULTE HAS REPEATEDLY SAID THAT HIS INTO COOK IS NOT CONNECTED TO HIS CRITICISM OF CENTRAL BANK.
On August 20, Trump Called on Cook to Resign. Five Days Later, Trump Publicly Posted a Letter to Cook Saying That He Was Firm Her – The First Time in History a President Had TRIED to Fire a Member of the Central Bank.
PULT SAID THAT COOK INDICATED THAT Two Separate Properties She Purchased Around the Same Time Both Her Primary Residence. In his letter, Trump ciped the allegations as sufficient reasson to fire cook for cause. In a Legal Filing, Cook’s Attorneys Explicitly Denied that she ever commcedted Mortgage Fraud.
“Setting aside the fact that governor cook did not Ever commit Mortgage Fraud, any Such pre-offensive offense plainly wouln not have been ‘so infamous a natural, as to render the offender unfecti to the Franchise,’” “” “
Cook’s Lawyers Have Also Said That The President Did Not Give Her Sufficient Time to Respond to Pulte’s Allegations before Her AttemPted Firing.
On September 9, US District Judge JIA COBB Moved to Grant Cook’s Request to Temporary Block Trump’s Firing.
“The Best Reading of the ‘For Cause’ Provision is that the Bases for Removal of the Board of Governors are Limited to Grounds Concerning a Governor’s Behavior in Office and where he had been faithfully and effecivately exclusive statutory dornies.
The Justice Department has appealed COBB’s ruling and is trying a last-day effhority to stop cook from participating in tuesday’s Meeting.
Who is the federal reserve siding with?
A spokesperson for the Federal Reserve Said It Wouuld Obey Any Court Ruling. Cook’s attorneys have said that Trump’s Move to Fire is the Latest Chapter in His Once to Assert Control over the historical Independent Central Bank.
COBB’s Ruling Allows Cook to Continue Working at the Fed, THOUG IT REMAINS TO BE SEEN How the process will play out.
Mary Expectus that the final Will Come from the US Supreme Court.