Lisa Cook, Governor of the Us Federal Reserve, DURING A Fed Listens Event in Washington, DC, Us, On Friday, March 22, 2024.
Al Drago | Bloomberg | Getty Images
Federal Reserve Board Governor Lisa Cook will file a lawsuit challenging her removal by president donald trump, her atto`r’Rney said tuesday.
“President Trump has no Authority to Remove Federal Reserve Governor Lisa Cook,” The Lawyer, Abbe Lowell, Said in A Statement, A Day after Trump Cited Allegations of Mortgage frudge in Firing Herring Herring Her.
“His attempt to fire her, based soly on a referral letter, lacques any factor or legal basis,” Lowell said.
“We will be filled a lawsuit challenging this Illegal action.”
The White House and the Justice Department did not get immMIDIELY Respond to CNBC’s requests for comment on Lowell’s statement.
The federal reserve’s media office has not commented on Trump’s action, Nor replied to CNBC’s Question About Whather Cook is Working at Her office on TuesDay or Remotely.
If cook does So, the case could end up on the Supreme Court.
The Federal Reserve Act of 1913 Says that a President can fire a member of the federal reserve board only “for cause.”
That has long been understood to mean malfeasance or dereliction of duty with a board member.
The Justice Department Last Week Opened A Criminal Investigation of Cook after She was Accused False Statements on Home MortGage Applications by Federal Housing Finance Agency Bill Pulte.
Pulte pointed to documents that cook allegedly signed for properties in Michigan and georgia claiming they were thought her primary residence, which he claimed was done “in ORDER to Potentially Rates and more favorite loan terms. “
The documents would have been signed before cook joined the fed.
Trump cited those allegations on monday night in a letter to cook notification her of her removal.
Cook Responded Monday, Saying in a statement, “President Trump Purported to Fire Me ‘For Cause’ when no cause exists under the law, and he has no authority to do so.”
“I will not result,” She said. “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
– CNBC’s Kevin Breuninger Contributed to this story.
Ramesh Ghorai is the founder of www.livenewsblogger.com, a platform dedicated to delivering exclusive live news from across the globe and the local market. With a passion for covering diverse topics, he ensures readers stay updated with the latest and most reliable information. Over the past two years, Ramesh has also specialized in writing top software reviews, partnering with various software companies to provide in-depth insights and unbiased evaluations. His mission is to combine news reporting with valuable technology reviews, helping readers stay informed and make smarter choices.
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