What happened

A federal court in Washington, D.C., on Tuesday night ruled that economist Lisa Cook can remain on the Federal Reserve Board of Governors while she appeals President Donald Trump ’s unprecedented attempt to fire her. U.S. District Judge Jia Cobb said Trump’s claim that Cook committed mortgage fraud before she joined the Fed was not a “legally permissible cause” for her removal and Cook was not given due process to contest the unsubstantiated allegation.

Who said what

Under the 112-year-old law that established the Federal Reserve, presidents can only fire Fed officials “for cause.” And the “best reading of the ‘for cause’ provision,” Cobb said in her ruling , is that it “extends only to concerns about the board member’s ability to effectively and faithfully execute the

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