A federal court ruled Tuesday that Federal Reserve Governor Lisa Cook can remain in the role as she faces efforts by President Donald Trump to remove her.
The ruling comes amid ongoing contention between the Federal Reserve and Trump. Trump has sought to assert more executive authority over the independent central bank.
The ruling by Judge Jia M. Cobb of the U.S. District Court for the District of Columbia is a blow for the administration, and is highly likely to be appealed.
The core issue in the case concerns the president’s ability to remove a Federal Reserve official “for cause.”…