· 2 min read
illuminem summarises for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:
🗞️ Driving the news: A federal appeals court has ruled that Federal Reserve Governor Lisa Cook can remain in her post, rejecting an attempt by the Trump administration to remove her just ahead of a critical Fed meeting on interest rates
• The court found that Cook was denied due process, as she was not informed of the accusations—mortgage fraud—and had no opportunity to respond before her attempted dismissal
🔭 The context: Cook’s removal would have marked the first time in the Fed’s 111-year history that a president dismissed a sitting governor
• The Federal Reserve Act allows removal only “for cause,” a standard intended to preserve the central bank’s independence
• Trump has long pressured the Fed to lower interest rates and has previously threatened to remove Fed Chair Jerome Powell
• The administration is expected to appeal to the Supreme Court
🌍 Why it matters for the planet: Political interference in central banks can undermine financial stability, credibility, and long-term economic planning—including the pricing of sustainable investment and climate risk
• Attempts to reshape the Fed to align with political interests risk weakening its autonomy, which is essential for maintaining inflation targets and managing economic transitions, including the shift to a low-carbon economy
⏭️ What's next: The Fed’s board will proceed with its two-day meeting starting Tuesday, where it is expected to consider an interest rate cut amid signs of economic cooling
• Cook’s presence ensures institutional continuity
• The legal battle over her removal may escalate to the Supreme Court, potentially revisiting long-standing precedent on the limits of presidential power over independent agencies
💬 One quote: “Allowing Trump’s firing would transform the Fed from a historically independent institution into an at-will body, leaving monetary policy at the mercy of the White House and its political whims.” – Attorneys for Lisa Cook
📈 One stat: More than 64,000 Palestinians have died in the Gaza war since October 2023, according to Gaza’s Health Ministry—adding urgency to global economic stability and humanitarian diplomacy amid rising geopolitical tensions
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