Fed Governor Lisa Cook Fights Firing Amid Mortgage Fraud Allegations

Federal Reserve Governor Lisa Cook is mounting a legal challenge after President Trump announced her immediate removal, citing alleged mortgage fraud from her pre-Fed days. Cook, the first Black woman on the Fed board, insists the move is legally baseless and says she will not resign. Represented by attorney Abbe Lowell, she plans to sue—arguing the president lacks authority to dismiss her under the Federal Reserve Act. Markets are watching closely as this unprecedented battle unfolds.