For the time being, US President Donald Trump failed to push a director of the central bank Fed, Lisa Cook, out of office. After a two -hour court hearing in Washington, Cook remained in office on Friday, since Federal District judge Jia Cobb did not make an immediate decision. Rather, she asked Cooks’ lawyers to demonstrate her arguments more in more detail by Tuesday, why the dismissal was illegal. The hearing was the prelude to a presumably protracted legal dispute, which ultimately deals with the independence of the US Federal Reserve and who should land in front of the Supreme Court.
The alleged mortgage fraud listed by Trump as a reason is only an excuse, said Cook’s lawyer Abbe Lowell during the hearing. In truth, it is about the fact that Cook does not agree with Trump’s interest rate reductions. The President accuses Cook of committing mortgage fraud in 2021 and thus before taking office. His government said that this is a sufficient reason for discharge. Cook denies the allegations and argues even if they had accessed, they did not justify it because the alleged misconduct occurred before their term. She had filed a lawsuit against her release.
The case has triggered new concerns about the independence of the central bank on the financial markets. So far, no US President has released a member of the FED directorate. The law to found the central bank stipulates that a member of the board of directors can be released for an important reason (“for cause”). However, the term is not defined in more detail. Trump has long put pressure on the Fed to reduce interest rates, and has repeatedly sharply criticized central bank boss Jerome Powell. Cooks would make it possible to fill a fourth position in the Fed’s seven -member position.
The US State Department revokes visas for members of two Palestinian organizations a few weeks before the UN General Assembly in New York. In addition, no new visas will be granted, as can be seen from a statement by the US State Department. Accordingly, members of the Palestinian Liberation Organization (PLO) and the representatives of the Palestinian Authority (PA) are affected.
It was initially unclear whether this could also deny the Palestinian President Mahmud Abbas the entry into the United States for the UN General Assembly. The US State Department initially did not answer this question at the request of the German Press Agency. Abbas is the head of the Palestinian Authority. According to the announcement of the visa restrictions, the official representation of the Palestinian Authority (PA) at the United Nations is the official representation of the Palestinian Authority. This only has an observer status and is not a full UN member.
