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.
Why it matters: Trump’s unprecedented firing will be tested by the courts, setting up a legal battle that could define the guardrails around the central bank.
What they’re saying: “President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” Abbe David Lowell, the lawyer representing Cook, said in a statement on Tuesday.
“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.
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Author: Dillon B
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