News

ChainCatcher news, according to Golden Ten Data, on Thursday, Federal Reserve Governor Cook filed a lawsuit in the federal court of Washington, D.C., seeking to prevent U.S. President Trump from removing her from office. The lawsuit also names Federal Reserve Chairman Powell and the Federal Reserve Board as defendants. On Monday, Trump stated that the reason for removing Cook was due to allegations that she committed fraud in mortgage applications related to two properties under her name. Cook's attorney, Abbe Lowell, wrote in the complaint: "This case challenges President Trump's unprecedented and unlawful attempt—to remove Governor Cook. If this action is allowed to proceed, it would be the first time in the history of the Federal Reserve Board." "This would undermine the Federal Reserve Act... which clearly requires that the removal of a governor must be for 'cause,' and the so-called allegations regarding issues with Cook's private mortgage applications submitted before her Senate confirmation do not constitute such cause." Cook's lawsuit initiates a legal battle that may ultimately reach the Supreme Court. The complaint points out that the lawsuit against Powell and the Federal Reserve Board is limited to the scope of their legal authority to "carry out President Trump's so-called decision to remove Governor Cook."