President Trump posted a letter announcing he was removing Lisa Cook from the Federal Reserve Board, citing a criminal referral alleging she lied on mortgage paperwork. Cook filed a lawsuit in Washington, D.C., federal court naming Trump, the Federal Reserve Board, and Chair Jerome Powell as defendants and seeking to block the removal. Cook's term runs through 2038 and Federal Reserve governors serve staggered 14-year terms with limited presidential removal power. A Federal Reserve spokesperson said the board would abide by any court decision and emphasized that removal protections help ensure monetary policy is grounded in data, analysis, and long-term public interests. Trump has pushed the Fed for lower interest rates.
Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people,
abide by any court decision.
The conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your
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