Fired Federal Reserve Governor Lisa Cook refuses to leave, says Trump does not have the authority | World News

United States (US) Federal Reserve Governor Lisa Cook, who was fired President Donald Trump on Monday, has said that she’s not leaving.
President Trump purported to fire me ‘for cause’ when no cause exs under the law, and he has no authority to do so,” she said in an emailed statement. “I will not resign.”
Trump fires Fed governor over alleged mortgage fraud
On Monday, Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations one of his supporters that she committed mortgage fraud.
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The unprecedented move is seen as a sharp escalation in Trump’s effort to exert greater control over the Federal Reserve, which has long been considered an institution independent from day-to-day politics.
Trump vs Federal Reserve
Trump’s announcement that he was firing Fed Governor Lisa Cook surprised markets, even though he had made clear last week that Cook was a target and had for months attacked Chair Jerome Powell as part of his campaign to get the Fed to cut rates.
Lisa Cook, right, takes the oath of office to become a member of the Federal Reserve Board, May 23, 2022, in Washington. (AP Photo/Patrick Semansky, file)
“It’s another crack in the edifice of the United States and its investibility,” said Kyle Rodda, a senior financial market analyst at Capital.com in Melbourne. Rodda said he was concerned about the motives of the Trump adminration, that the move was not to preserve Fed integrity but rather to install Trump’s own people at the central bank.
‘Cook’s firing illegal’
Reacting to Trump’s firing of Cook, Black leaders called the move ‘rac, misogynic, and unlawful’.Story continues below this ad
House Democratic Leader Hakeem Jeffries noted that Lisa Cook is “the first Black woman ever to serve on the Federal Reserve Board of Governors.”
“Donald Trump is trying to remove her without a shred of credible evidence that she has done anything wrong,” Jeffries said.
The Congressional Black Caucus also condemned Trump’s unprecedented actions: “In the 111-year hory of the Federal Reserve, no president has ever attempted to remove a governor of the central bank until now.”
“Let’s be clear: this is a rac, misogynic, and unlawful attack on the integrity and independence of the Federal Reserve,” the caucus said in a statement.Story continues below this ad
Cook gears up for legal battle
Trump’s effort to fire Federal Reserve Governor Lisa Cook is likely to touch off an extensive legal battle that will probably go to the Supreme Court. According to the Associated Press, Cook has retained Abbe Lowell, a prominent Washington attorney.
Lowell said Trump’s “reflex to bully is flawed and his demands lack any proper process, basis or legal authority,” adding: “We will take whatever actions are needed to prevent his attempted illegal action.”