Donald Trump may have tried to remove Federal Reserve Governor Lisa Cook, but she isn’t going anywhere.
On Monday, Trump announced that Cook was being terminated immediately, citing allegations of mortgage fraud as his justification. But Cook wasted no time firing back, saying flatly that Trump had no legal power to do what he claimed.
Through a statement released by her attorney Abbe Lowell, Cook declared, “No cause exists under the law, and he has no authority” to fire her. She added that she fully intends to remain at the Federal Reserve and continue her work supporting the U.S. economy.
Lowell went even further, calling Trump’s move “illegal and lacking due process.” He made it clear that Cook’s team is prepared to take the fight to court if necessary, setting the stage for a major legal battle over the independence of the Federal Reserve.
Cook, who made history as the first Black woman to sit on the Fed’s Board of Governors, has been a strong voice on economic policy since joining in 2022. Her removal would mark an unprecedented clash between the White House and the central bank, raising questions about how much power presidents really have over the Fed.
For now, Cook is standing her ground, refusing to bow to political pressure and reinforcing her message that the Federal Reserve must remain independent.
