Overview

• Cook’s lawyer said they will file suit, arguing the president’s removal notice lacks factual and legal basis.
• On Aug. 25, the president posted a signed letter declaring her immediate removal under constitutional and Federal Reserve Act authority, citing mortgage allegations raised by FHFA Director Bill Palt.
• U.S. law permits removal of Fed governors only for cause, media question whether the unproven claim qualifies, and report this is the first known attempt by a president to oust a Fed governor.
• Cook has said she will not resign under pressure and will answer questions about her financial background.
• The push comes alongside the president’s calls for earlier rate cuts and reporting that he wants to replace Cook with someone more aligned on policy, with her attendance at the Sept. 16–17 FOMC meeting now uncertain.