This is stretching it, no?
A federal court judge on Tuesday ruled that embattled Federal Reserve Governor Lisa Cook can remain at her post while she contests President Trump’s efforts to fire her over allegations she committed mortgage fraud.
“At this preliminary stage, the Court finds that Cook has made a strong showing that her purported removal was done in violation of the Federal Reserve Act’s ‘for cause’ provision,” Washington, DC-based District Judge Jia M. Cobb wrote in her 49-page ruling. ...
Here's the weird stuff :
....The judge determined that under the central bank’s “for cause” provision, Federal Reserve governors can only be removed “for behavior in office” and for not “faithfully and effectively executing their statutory duties.”
“‘For cause’ thus does not contemplate removing an individual purely for conduct that occurred before they began in office,” Cobb wrote. ...
OK. So mortgage fraud BEFORE regulating banks is just fine and dandy.
Got it.
1 comment:
Huh. Isn't it ongoing fraud? Not like she took office and then corrected her "error".
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