Lisa Cook filed a lawsuit in a Washington district court seeking to block President Donald Trump's attempt to remove her from the Federal Reserve Board. The suit names Trump, the Fed's Board of Governors and Chair Jerome Powell, citing risk that the Board could follow presidential directives. Trump announced her dismissal on social media and included a letter claiming he fired her for cause. The dismissal followed an allegation of 2021 mortgage fraud about declaring two different homes as primary residences. The allegation is unproven, predates her Fed service, and she has not been allowed to review or contest the evidence.
Federal Reserve Governor Lisa Cook filed a lawsuit this Thursday against U.S. President Donald Trump for attempting to remove her from office. Cook, appointed by the Biden administration, argues that the Republican lacks the authority to dismiss her and has asked the courts to block the action, in a case that promises a fierce legal battle over the central bank's independence.
Trump announced on Monday night via social media that he had dismissed Cook, including the letter he sent her in which he claimed to be firing her for cause. That phrase and what exactly constitutes for cause is shaping up to be the central issue in the legal battle now unfolding. Trump decided to dismiss Cook after one of his senior officials alleged that the former academic had committed mortgage fraud in 2021 by declaring two different homes as her primary residence.
Collection
[
|
...
]