27.08.2025 04:55
Lisa Cook, a member of the Board of Governors of the Federal Reserve, has announced through her attorney Abbe Lowell that they will pursue legal action against President Donald Trump's decision to remove her from office. Cook becomes the first board member in the bank's 111-year history to be dismissed by a president, while Attorney Lowell emphasized that Trump does not have such authority.
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Lisa Cook, the first Black woman Board Member of the Federal Reserve (Fed), who was dismissed by President Donald Trump, is preparing to sue Trump.
"TRUMP HAS NO AUTHORITY TO DISMISS" Her lawyer Abbe Lowell stated that Trump's attempt to dismiss Cook has no factual or legal basis. Lowell mentioned that they will file a lawsuit questioning this "illegal" action, stating, "President Trump has no authority to dismiss Fed Board Member Lisa Cook."
Lawyer Abbe Lowell HE HAD USED THE MORTGAGE LOAN HE RECEIVED IN 2021 AS A JUSTIFICATION Trump had cited "deceptive and potentially criminal" actions in the mortgage loan he received in 2021 as a justification for Cook's dismissal. In a post on social media yesterday, Trump claimed that Cook, whom he accused of making false statements during the mortgage application process, had signed a document promising to live at a property in Michigan for one year. Trump stated, "Two weeks later, she signed another document stating she would live at a property in Georgia for another year."
COOK'S STATEMENT "I WILL NOT RESIGN" Cook, emphasizing that she learned about these allegations from the media, stated that Trump has no authority to dismiss her and announced that she will continue her duties. Cook said, "I will not resign. I will continue to serve to help the American economy as I have been doing since 2022."
Fed Board Member Lisa Cook THE FIRST BOARD MEMBER DISMISSED BY A U.S. PRESIDENT IN THE 111-YEAR HISTORY OF THE FED Cook became the first board member dismissed by a U.S. president in the 111-year history of the Fed. Trump had pressured the Fed to lower interest rates during his first term in the White House. In recent months, Trump intensified this pressure, demanding a reduction of several points in interest rates and threatening to dismiss Fed Chairman Jerome Powell. With Cook's dismissal, who was appointed by former President Joe Biden in 2022, it is expected that Trump will appoint someone within the Fed who is favorable to lowering interest rates.
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