The session ended with no immediate ruling, with more arguments to be submitted Tuesday.
This would allow Cook -- the first Black woman to serve on the Fed's board -- to continue in her role while she challenges her ouster.
Among other issues, the discussions included whether it mattered that Cook's alleged transgressions had taken place before she became a Fed governor.
The hearing also touched on whether Cook was given sufficient notice before Trump took action to remove her and whether the president's motivation in firing her was relevant to the case.
'Weapon of choice'
Among the allegations were that Cook had claimed two primary residences on mortgage documents in 2021 -- one in Michigan and another in Georgia. A primary residence usually attracts better mortgage terms for a loan.
But Cook has not been charged with a crime, and the alleged incidents occurred before she took office as a Fed governor in 2022. She was reappointed in 2023 for a term ending in 2038.
Cook’s lawyer countered that allegations of fraud had become a “weapon of choice” to remove officials.
Late Thursday, Pulte wrote on social media that the FHFA had sent a second criminal referral to US authorities, claiming further misrepresentations about Cook's properties.
“Nothing in these vague, unsubstantiated allegations has any relevance to Gov. Cook’s role at the Federal Reserve, and they in no way justify her removal from the Board,“ Lowell said.
But her loss could allow the opposite to occur, in a blow to the organization and with major implications for the world's biggest economy - AFP
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