&imwidth=800&imheight=600&format=webp&quality=medium "‘Trump has no authority’: Lisa Cook to sue US president for ‘illegally’ firing her from Federal board")
Lisa Cook’s attorney on Tuesday (Aug 26) said that she will file a lawsuit against US President Donald Trump, challenging her removal from the position of Federal Reserve Board Governor. This comes a day after Trump fired Cook after a Trump loyalist alleged that she had obtained mortgages on two homes while claiming they were her primary homes. The Fed governor said that Trump “has no authority” to remove her from the position.
‘Challenging illegal action’
“President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” the lawyer, Abbe Lowell, 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 said.
If Cook sues Trump, the case could be sent to the Supreme Court to make a judgment. According to the Federal Reserve Act of 1913, a president can only fire a member of the Federal Reserve Board “for cause.” This has been interpreted by courts as malfeasance or dereliction of duty while being a board member.
What allegations is Cook facing?
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Last week, the Justice Department opened a formal investigation into Cook after she was accused of making incorrect statements onlawsuit home mortgage applications by the Federal Housing Finance Agency chief Bill Pulte. He alleged that Cook claimed two different properties in Michigan and Georgia as her primary residences while obtaining mortgages in 2021, before she joined the Fed. Pulte claimed that Cook did so “in order to potentially secure lower interest rates and more favourable loan terms.”
Following the allegations, Trump on Monday (Aug 25) in a letter to Cook informed her of her removal from the position.
‘I will not resign’
Responding to the matter, Cook said on Monday, “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so.”
“I will not resign,” she added. “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
