Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released the following statement after a federal court issued a preliminary injunction to block President Donald Trump’s unlawful and unconstitutional effort to terminate Federal Reserve Governor Lisa Cook.

“This is a victory for our democracy, the rule of law, and the independence of the Federal Reserve. The court’s decision makes it clear: Donald Trump is wrong—he is not above the law. It made a preliminary finding that his radical attempt to remove Federal Reserve Board Governor Lisa Cook did not meet the legal standard of ‘for cause’ removal and violated her Constitutional right to due process.

Equally important, this ruling reaffirms the Federal Reserve’s independence from political interference from the White House. It sends a strong message against the kind of dangerous weaponization we've seen from Trump and his allies that threatens to destabilize our entire economy, drive up inflation, and jeopardize the savings and retirement security of millions of Americans.

Despite this favorable ruling, we know Trump will not stop here. He will to drag this fight all the way to the Supreme Court in his ongoing and desperate effort to seize control of every level of the financial system. I and my Democratic colleagues are ready to fight him every step of the way.”

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