Federal Reserve Governor Lisa Cook plans to fight back in court against her unprecedented removal by President Donald Trump, her legal team said on Tuesday.
“President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” Abbe Lowell of Lowell & Associates said in a statement to NOTUS.
Trump announced Monday evening that he was firing Cook. It is the first time in history that a president has tried to fire a central bank governor. While presidents cannot legally fire Fed officials without cause, Trump said in a letter posted to Trump Social that he had “sufficient cause” to remove Cook “effective immediately.”