US EditionLisa Cook will sue over Trump firing from Fed board, her lawyer says
Federal Reserve Governor Lisa Cook, appointed for a 14-year term, rejects President Trump's firing citing lack of legal basis; lawsuit could define presidential power over Fed removals.
- On Monday, President Donald Trump ordered Federal Reserve Governor Lisa Cook's immediate removal over alleged mortgage fraud, but Cook and her lawyer Abbe Lowell said she will sue to block the firing, while the Federal Reserve said it will abide by any court decision.
- Bill Pulte, director at the Federal Housing Finance Agency and Trump appointee, alleged Cook listed two properties in Georgia and Michigan as primary residences in 2021; the administration referred the matter to the Department of Justice though she faces no charges.
- The Federal Reserve Act states governors serve 14-year terms, with a disputed 'for cause' removal clause; no president has previously fired a Federal Reserve Board of Governors member.
- The U.S. dollar weakened by 0.07% and the 30-year Treasury yield moved to 4.93%, while legal experts say the dispute will reach the Supreme Court and clarify presidential authority over the Fed.
- At the heart of the dispute is President Donald Trump's effort to shift Federal Reserve Board interest rate policy, with Steven Miran's confirmation potentially securing a 4-3 board majority and economists warning this risks inflation and weakens governance.
368 Articles
368 Articles
After the release of Fed Governor Cook by President Trump, many questions remain unanswered. Cook wants to sue. The US Federal Reserve itself announced that it would abide by court decisions.[more]]>
EDITORIAL. In announcing the dismissal "with immediate effect" of Lisa Cook, a governor of the central bank of the United States, Donald Trump challenges the independence of this institution, an essential pillar of American and global economic stability.
Trump’s Move to Take over the Fed Adds More Uncertainty to the Economy
President Donald Trump’s bid to oust Federal Reserve governor Lisa Cook marks his boldest move yet to assert more control over the independent central bank. But undermining the bank’s autonomy, experts say, holds potentially dangerous long-term consequences for the fragile U.S. economy.
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