Federal Reserve Governor Lisa Cook, the first Black woman to serve on the Fed’s board, has filed a lawsuit against the Trump administration to block her removal, calling it an unprecedented threat to the central bank’s independence, according to The Associated Press.
The suit seeks to confirm her status after Trump claimed Monday he had fired her over unproven 2021 allegations of mortgage fraud.
Legal experts note that presidents can remove Fed governors only “for cause,” typically requiring due process — which Cook has not received — and critics argue the move is aimed at replacing her with a Trump loyalist on the Fed’s board.
If upheld, the firing could erode the Fed’s autonomy and drive up borrowing costs across the U.S. economy.
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