Federal Reserve Governor Lisa Cook, who was dismissed by President Donald Trump on Monday, is planning to sue over her firing.

"President Trump has no authority to remove Federal Reserve Governor Lisa Cook," Cook's attorney said in a statement obtained by Scripps News. "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.”

In a letter addressed to Cook and posted on social media, President Trump said his decision to remove her from her position is in connection to allegations of mortgage fraud. The White House claims Cook committed fraud in 2021 when she purchased two properties.

"The Federal Reserve Act provides that you may be removed, at my discretion, for cause. See 12 U.S.C. § 242

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