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Fed Board Legal Challenge Centers on Mortgage Application Error
Fed Board Legal Challenge Centers on Mortgage Application Error
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BTCCSquare news:
Lisa Cook's federal lawsuit challenges the president's authority to remove her from the Federal Reserve Board, framing a disputed mortgage application issue as a clerical error rather than grounds for dismissal. The legal filing contends that even if inaccuracies existed, they wouldn't meet the 'cause' threshold required under the Federal Reserve Act for terminating a board member.
The case could push the Supreme Court to interpret the vague statutory definition of 'cause' while spotlighting political tensions over Fed appointments. Cook's team alleges the mortgage allegations serve as pretext to conceal an attempt to install rate-cut-friendly governors, noting no federal agency has investigated the decade-old claims.
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