Market Analysis: Trump's dismissal of Fed Governor Cook lacks legal basis
market analysts pointed out that Trump's dismissal letter cited a criminal referral from the Director of the Federal Housing Finance Agency, accusing Federal Reserve Board member Cook of making false statements in one or more mortgage applications. Trump therefore claimed that he could dismiss Cook under the "just cause" provision in the relevant regulations. However, a criminal referral is not a criminal charge, let alone an indictment or arrest warrant; it only represents suspicion and does not require "reasonable grounds" or even an investigation. A criminal referral is essentially not a legal document, it simply means that certain actions may be worth investigating. Because of this, criminal referrals are easily politicized and manipulated, and their existence does not constitute a valid basis for dismissal under "just cause." This is the reason why Cook will win the lawsuit.
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