Lisa Cook files suit against Trump’s ‘unprecedented and illegal’ bid to fire her from Fed
Detailed summary
Lisa Cook has filed her lawsuit against President Donald Trump’s attempt to remove her from the Federal Reserve Board of Governors. In her federal court complaint, Cook’s lawyers…
Lisa Cook has filed her lawsuit against President Donald Trump’s attempt to remove her from the Federal Reserve Board of Governors. In her federal court complaint, Cook’s lawyers called Trump’s move “unprecedented and illegal,” arguing that his “unsubstantiated allegation” of mortgage fraud doesn’t meet the legal requirement of showing cause to remove her. In the complaint filed Thursday in Washington, D.C., they cite the Federal Reserve Act’s mandate that presidents can only remove board members “for cause” prior to the expiration of their term. Cook’s term expires in 2038. She was nominated by then-President Joe Biden.
Opening of the article, excerpted from MSNBC. To read the rest, open the article on the publisher's site.
MarketNews shows the headline and summary published by the outlet. The full article is on the publisher's website. (www.msnbc.com)
