Federal Reserve Governor Lisa Cook filed a lawsuit against President Donald Trump Thursday to stop his effort to fire her, launching a legal battle over the Fed’s independence that could work its way to the Supreme Court.
Cook’s suit, filed in a federal court in Washington, says Trump’s actions violate her due process rights under the Fifth Amendment. Trump on Monday released a letter saying he had dismissed Cook for alleged fraud on mortgage applications.
Cook is seeking to maintain her seat on the Fed board and “safeguard her and the Board’s congressionally mandated independence,” says the lawsuit filed in U.S. District Court for the District of Columbia.
