Politics

Published Tue, Aug 26 202511:25 AM EDTUpdated 4 Min Ago

Key Points

  • Federal Reserve Board Governor Lisa Cook will file a lawsuit challenging her removal by President Donald Trump, her attorney said.
  • "President Trump has no authority to remove Federal Reserve Governor Lisa Cook," the lawyer, Abbe Lowell, said in a statement.

Lisa Cook, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Al Drago | Bloomberg | Getty Images

Federal Reserve Board Governor Lisa Cook will file a lawsuit challenging her removal by President Donald Trump, her attorney said Tuesday.

"President Trump has no authority to remove Federal Reserve Governor Lisa Cook," the lawyer, Abbe Lowell, said in a statement, a day after Trump cited allegations of mortgage fraud by Cook in firing her.

"His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis," Lowell said.

"We will be filing a lawsuit challenging this illegal action."

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The White House and the Justice Department did not immediately respond to CNBC's requests for comment on Lowell's statement.

— CNBC's Kevin Breuninger contributed to this story.

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