WASHINGTON (AP) — Federal Reserve Gov. Lisa Cook will sue President Donald Trump’s administration to try to prevent him from firing her, her lawyer said Tuesday.
“President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” said Abbe Lowell, a longtime Washington lawyer who has represented figures from both major political parties. “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.”
Trump’s unprecedented effort to fire Cook is likely to end up at the Supreme Court and could more clearly define the limits of the president’s legal authority over the traditionally independent institution. The Fed exercises expansive power over the U.S. economy by adjusting a short-te