Federal Reserve Governor Lisa Cook has filed a lawsuit, saying United States President Donald Trump has no power to remove her from office.
Cook’s lawsuit filed on Thursday, August 26, 2025, said Trump violated a federal law allowing the president to remove a Fed governor only for cause when he took the unprecedented step on August 25 of announcing he would fire her.
The Republican president accused Cook of committing mortgage fraud in 2021, a year before she joined the Fed’s governing body.
The U.S. dollar stumbled against other major currencies after Trump first said he would remove Cook, Reuters reported.
A Fed spokesperson said on Tuesday, before the lawsuit was filed, that the Fed would abide by any court decision.
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