A three-judge appeals court panel voted 2-1 on Monday night to allow Federal Reserve Gov. Lisa Cook to continue working at the central bank, rejecting a request by the Trump administration to stay a district court’s earlier ruling.

That means Cook will be able to participate in Tuesday’s meeting of the Federal Open Market Committee, which sets interest rates.

Writing for the majority, Judge Brad Garcia – a Biden appointee – noted that, “in this court, the government does not dispute that it failed to provide Cook even minimal process — that is, notice of the allegation against her and a meaningful opportunity to respond — before she was purportedly removed.”

Garcia was joined in his opinion by Judge J. Michelle Childs, a fellow Biden appointee.

“Granting the government’s request for emergency relief would … upend, not preserve, the status quo,” the judges wrote. “A stay would itself introduce the possibility of ‘the disruptive effect of the repeated removal and reinstatement’ of Cook during this litigation.”

Judge Gregory Katsas, a Trump appointee, dissented.

“The President plainly invoked a cause relating to Cook's conduct, ability, fitness, or competence," Katsas wrote. "The allegations against Cook could constitute mortgage fraud if she acted knowingly, and that is a felony offense. Moreover, even absent intentional misconduct, any misstatements in formal applications for six-figure loans are at least concerning. And the President specifically concluded that the allegations cast doubt on Cook's 'competence and trustworthiness as a financial regulator.' That is plainly a permissible 'cause'” to fire her under the Federal Reserve Act.

This is a developing story. Read more on our website for live updates.