Fed's Lisa Cook Firing Sparks Legal Battle Amid Trump Controversy
The Federal Reserve stated it would abide by any court ruling regarding President Trump's attempt to remove Fed Governor Lisa Cook, emphasizing that governors serve long terms and can only be removed 'for cause' as per law. Trump announced he would remove Cook over allegations of mortgage fraud, but Cook and her lawyer dispute his authority to do so, planning to challenge the action in court. The Fed reaffirmed its commitment to independence and legal procedures.