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5h ago

Fed Governor Lisa Cook Sues to Block Trump’s Removal Effort

The case asks a Washington judge to confirm her status, testing the limits of presidential power over the central bank.

Lisa Cook (D) lors de sa prestation de serment comme gouverneure de la Réserve fédérale américaine, avec le président de la Fed, Jerome Powell (G), à Washington, le 23 mai 2022
Lisa DeNell Cook s’exprime lors d’une audience de confirmation de la Commission sénatoriale des banques, du logement et des affaires urbaines, au Capitole, à Washington D.C., le 3 février 2022.
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Overview

  • Cook filed a lawsuit on Thursday seeking immediate declaratory and injunctive relief to remain on the Federal Reserve Board.
  • The complaint argues the attempted dismissal is unprecedented and illegal and seeks to safeguard the statutory independence of Fed officials.
  • Donald Trump on Monday posted a letter on Truth Social declaring he had removed Cook, citing alleged false statements on 2021 mortgage applications, including claims of two primary residences.
  • The suit names Trump, Fed Chair Jerome Powell and other governors as defendants, asserting they could act to make a removal effective.
  • Cook has not been charged with a crime, and former Fed chair Janet Yellen warned the move risks turning the central bank into a puppet and intimidating rate-setters.