Fed Governor Lisa Cook Will Sue Over Trump Firing
Fed Governor Lisa Cook Will Sue Over Trump Firing
The News
Federal Reserve governor Lisa Cook will sue over President Trump's attempt to fire her from the central bank, per a statement from her law firm on Tuesday.
Trump said that he was removing Cook from office "effective immediately," according to a letter posted on Truth Social on Monday evening.
In a statement hours later, Cook said that she would not resign, arguing that Trump could not fire her.
Housing regulator Bill Pulte has accused Cook of mortgage fraud — an allegation that Trump says gives him "cause" to fire the top central banker, whose term does not expire until 2038.
Reactions
"President Trump has no authority to remove Federal Reserve Governor Lisa Cook," Abbe David Lowell, the lawyer representing Cook, said in a statement.
"His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action," Lowell added.
What's Next
A court will decide just how far Trump — and future presidents — can go.
More
No president has ever fired a Fed governor.
A Supreme Court ruling earlier this year said that the president could remove officers of an independent agency, but it carved out an exception for the Fed.
President Trump is asserting more control over the Federal Reserve.
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