MNI BRIEF: Trump Cannot Fire Fed's Cook, Appeals Court Rules

President Donald Trump cannot fire Federal Reserve Governor Lisa Cook, according to the U.S. Court of Appeals for the D.C. Circuit, a ruling the Justice Department will likely appeal to the Supreme Court. 

The government's request for a stay of the lower court ruling was denied in a 2-1 decision. The majority judges were Biden appointees while the dissenting judge was appointed by Trump. 

"The Supreme Court and this court have repeatedly held that a public official with 'for cause' protection from removal has a constitutionally protected property interest in her position," judges Bradley Garcia and J. Michelle Childs wrote. (See: MNI INTERVIEW: Cook Could Face Long Odds Before Supreme Court)  

The ruling means that Cook, a member of the Fed’s board of governors, can participate in the two-day FOMC meeting that begins Tuesday.