Federal Reserve Governor Lisa Cook’s attorney, Abbe Lowell, introduced on Tuesday he is submitting a lawsuit to problem President Donald Trump’s attempt to fire her on Monday night.
“President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” he mentioned in an announcement despatched to NCS.
The announcement comes hours after Trump posted on social media a letter addressed to Cook informing her that he had ample “cause” to fire her.
Cook has just lately come underneath fire by Trump and members of his administration for allegedly committing mortgage fraud. She has not been charged with any wrongdoing, nonetheless.
Trump, in his letter to Cook, wrote “I have determined that there is sufficient cause to remove you from your position.”
“At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator,” Trump added in his letter.
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