PREVIEW

Fed Governor Lisa Cook Sues Trump. Federal Reserve Governor Lisa Cook is suing President Trump over his attempt to remove her from the Fed board. The suit also names Fed Chair Jerome Powell and argues that the dismissal was unlawful and violated the Federal Reserve Act. The Federal Reserve Act only allows removal of a governor 'for cause,' which is intended to limit presidential control. Trump ally Bill Pulte accused Cook of listing two homes in different states as her primary residence weeks apart. No criminal charges have been filed against Cook, and her lawsuit does not directly address the mortgage fraud claims. Cook argues that there is no legal justification for her removal, and legal experts doubt the president’s authority in this case. The law protects the Fed’s independence by preventing politically motivated removals of governors. As one of seven Fed governors, Cook helps set U.S. rates. Her removal could let Trump install an ally. This legal fight could reach the Supreme Court, potentially setting a precedent for presidential authority over the Federal Reserve.
Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT