Federal Reserve Governor Lisa Cook has taken legal action against the Trump administration, the Federal Reserve Board of Governors, and Fed Chairman Jerome Powell in an effort to prevent her dismissal. The lawsuit, which has been filed in response to the attempted firing by President Trump, argues that the action is both unprecedented and illegal.
The crux of the lawsuit is based on the Federal Reserve Act, which stipulates that there must be valid cause for the removal of governors. Governor Cook's legal team contends that the president's attempt to remove her from her position does not meet the criteria outlined in the Act, and therefore, is in violation of the law.
