Attorney Abbe David Lowell, representing Lisa Cook, said Tuesday Trump's action was 'illegal.'

Federal Reserve governor Cook said Trump has no authority to fire her for cause 'when no cause exists under the law.'

Wall Street reacted calmly to news that Trump announced late Monday that he was firing Cook.

President Donald Trump's middle of a Monday night declaration that, as president, he has the complete power to remove a Federal Reserve governor with a 14-year term from her post based on unproven allegations is nothing but chilling to those who believe in the independence of the nation's central bank.

Does the president have that power? We, no doubt, will need to see what the courts say.

Abbe David Lowell, the attorney representing Fed governor Lisa Cook who Trump said he fired Monda

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