The U.S. Department of Justice has asked a federal appeals court to intervene and suspend a lower court injunction that temporarily blocked Trump from firing Cook. In its motion, the Trump administration urged the appeals court to issue a ruling by September 15th, the day before the Federal Reserve Committee convenes for its two-day interest rate meeting.

On the eve of a key Federal Reserve interest rate decision, the Trump administration is using legal means to accelerate its removal of Federal Reserve Governor Lisa Cook.

According to court documents filed Thursday, September 11th, the U.S. Department of Justice has asked a federal appeals court to intervene and suspend a lower court injunction that temporarily blocked Trump from firing Cook.

In the documents, the Justice Department called the temporary injunction issued by lower court Judge Jia Cobb "extraordinary" and argued that the ruling contained "a series of legal errors" that should be suspended pending the appeal.

The Justice Department argues that the injunction "is inconsistent with the President's exercise of his Article II constitutional powers." Article II of the U.S. Constitution vests executive power in the president.

In its motion, the Trump administration urged the appeals court in Washington to issue a ruling by the close of business on September 15th. The deadline is pressing, as the Federal Open Market Committee (FOMC), the Federal Reserve's policymaking body, will begin its two-day interest rate meeting the following day, September 16th.

The controversy began last month when President Trump took action to fire Lisa Cook. The public reason for the action was that Federal Housing Commissioner Bill Pulte accused Cook of mortgage fraud. The Financial Times previously reported that the Justice Department had launched an investigation into Cook in connection with the matter, but the agency has not accused her of any wrongdoing.

In response, Cook filed a lawsuit against Trump to block the dismissal. Her lawyers argued that the dismissal was based on "unproven allegations" and that it was a "pretext" intended to enable Trump to achieve his goal of a majority of his own appointees on the Federal Reserve Board.

At the heart of the dispute lies the limits of the president's power to fire Fed governors. Late Tuesday, District Judge Jia Cobb, who presided over the case, ruled that Cook could not be fired while the related litigation was pending.

Judge Jia Cobb ruled that the attempt to remove Cook violated the Federal Reserve Act, which provides that the president can remove Federal Reserve governors only "for cause." The Justice Department's latest motion directly challenges this ruling and the underlying principles protecting the independence of Federal Reserve governors.

The subsequent developments in this matter will have a direct impact on how investors and markets assess the independence of U.S. monetary policy.