What’s known about the legal premise for Trump’s effort to fire Fed’s Cook

By Michael S. Derby, Ann Saphir and Howard Schneider

(Reuters) -U.S. President Donald Trump on Monday took the unprecedented step of ordering Governor Lisa Cook removed from the Federal Reserve Board of Governors, saying questions about the mortgages on properties she owns that are the subject of a criminal probe by his administration are sufficient cause for dismissal.

The Fed has long been seen as enjoying a privileged status, distanced from political interference by stipulations in the Federal Reserve Act that prevent a president from firing its leaders over policy disagreements.

But the Act does permit removal for “cause.” Just what that means in the Fed’s case is unclear and likely to be the focus of a legal challenge ultimately decided by the U.S. Supreme Court. Here’s what is kno