Overview

• Trump announced the immediate removal of Lisa Cook, alleging false statements on mortgage documents, including claims of dual primary residences in Michigan and Georgia.
• Cook denies the accusations, refuses to resign, and through attorney Abbe Lowell says she will file suit to block the move.
• The Federal Reserve says governors serve long terms and can be removed only for cause under the Federal Reserve Act, adding it will follow any court rulings.
• The confrontation is unprecedented for a Fed governor and could ultimately reach the Supreme Court.
• Trump says he has a successor in mind, with reports citing Stephen Miran and David Malpass, as market commentary and a broker survey note rising investor unease.