US appeals court lets Lisa Cook remain Fed governor for now

A U.S. federal appeals court on Monday rejected U.S. President Donald Trump's bid to quickly remove Federal Reserve governor Lisa Cook, local media reported Monday.

The 2-1 ruling Monday by a panel of the U.S. Court of Appeals for the District of Columbia Circuit said there was "no need" at this stage of the case for the appeals court to address whether the allegations against Cook meet the "for cause" standard to fire a Fed governor.

This means the Trump administration has only hours to bring the case to the Supreme Court, as the Fed's critical interest-rate setting meeting will kick off Tuesday morning. Without a decision from the Supreme Court, Cook will be able to attend and vote at the Federal Open Market Committee meeting on Tuesday and Wednesday.

A federal judge on Sept. 9 blocked Trump's removal of Cook and ruled she must be immediately reinstated.

Also on Monday, the U.S. Senate confirmed Stephen Miran, one of Trump's top economic advisers, to serve on the Federal Reserve's governing board in a 48-47 vote, succeeding Adriana Kugler who resigned from the board in early August. Miran is expected to serve through Kugler's remaining term, which ends in January.

Miran plans to maintain his role as chair of the White House's Council of Economic Advisers while taking unpaid leave, reports said.