Fed Governor Lisa Cook is set to sue President Trump, asserting that the administration abused executive power by attempting to fire her over allegations of mortgage fraud. The legal action, which is expected to be filed in the near future, follows Trump’s announcement to remove Cook from her position just one day prior.
Experts have described Trump’s effort to remove Cook as an unprecedented attack on the central bank, highlighting the potential implications for financial stability and policy-making. The move has sparked widespread concern among economists and policymakers about the integrity of the Federal Reserve’s independence and the broader implications for economic management in the United States.