Source Details

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                "text": "President Trump\u2019s effort to oust the Federal Reserve governor has kicked off a landmark legal battle, one that will have far-reaching consequences for the institution\u2019s independence.",
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                "text": "Lisa Cook was appointed to the Fed\u2019s board of governors in 2022.",
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                "text": "Ten days ago, Lisa Cook was one of seven members of the Federal Reserve\u2019s board of governors, playing an important but hardly leading role in the central bank\u2019s debate over the path of interest rates.",
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                "text": "The future of the Fed and whether it will continue to operate as an independent institution or become subject to the whims of the White House rests largely on her shoulders.",
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                "text": "President Trump\u2019s decision on Monday to seek her ouster, and her own decision on Thursday to file a lawsuit challenging her attempted dismissal set the stage for a landmark legal battle.",
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                "text": "On Friday, a federal judge in Washington will hold the first hearing in the case, which will focus on Ms. Cook\u2019s request for a temporary restraining order.",
                "simplified_text": "Federal judge will hold first hearing on Friday regarding Cook's restraining order request.",
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                "text": "If the court grants the order, it will allow her to continue serving on the Fed\u2019s board while she contests her firing.",
                "simplified_text": "Granting the order will allow Cook to continue serving on Fed's board.",
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                "text": "Mr. Trump has made no secret of his desire for lower interest rates, or of his anger at central bank officials for refusing to deliver them.",
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                "text": "Last week, Mr. Trump turned his attention to Ms. Cook after an administration official accused her of mortgage fraud tied to her purchase of two homes in 2021, before she joined the Fed.",
                "simplified_text": "Trump turned attention to Cook after mortgage fraud accusation related to 2021 home purchase.",
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                "text": "She has not been charged with any crime.",
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                "text": "Ms. Cook\u2019s lawsuit names as a defendant not just Mr. Trump but also Mr. Powell and the Fed\u2019s board of governors.",
                "simplified_text": "Cook's lawsuit names Trump Powell and Fed's board of governors as defendants.",
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                "text": "Earlier this month, Mr. Trump said he would nominate a top economic adviser, Stephen Miran, to a governor seat that was unexpectedly available after Adriana Kugler stepped down five months before her term ended.",
                "simplified_text": "Trump will nominate Stephen Miran after Adriana Kugler stepped down early.",
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                "text": "Mr. Trump\u2019s nominees to the seven-member board would then enjoy a majority, giving them sway over big decisions related to interest rates, the rules and regulations governing Wall Street and internal matters like staffing.",
                "simplified_text": "Trump's nominees would have majority sway over Fed decisions.",
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                "text": "Governors have 14-year terms and can be removed by presidents only for \u201ccause,\u201d which has tended to mean malfeasance while in office or a dereliction of duty.",
                "simplified_text": "Governors have 14-year terms removable by presidents only for cause.",
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                "text": "Michael Barr stepped down as vice chair for supervision in January in order to avoid the chance that he would be fired by Mr. Trump and any risks posed to the institution if he fought back.",
                "simplified_text": "Michael Barr stepped down to avoid being fired by Trump.",
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                "text": "Mr. Biden nominated Ms. Cook to the Fed board in 2022.",
                "simplified_text": "Biden nominated Cook to Fed board in 2022.",
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                "text": "She was narrowly confirmed after Vice President Kamala Harris broke a 50-50 tie in the Senate.",
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                "text": "She was the first and so far only Black woman to serve as a Fed governor.",
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