Federal Reserve Shake-Up: Legal Battle Over Firing

Federal Reserve Governor Lisa Cook, fighting efforts by former President Trump to remove her, has retained lawyer Abbe Lowell to challenge the move. Cook, the first African-American woman on the Fed's board, faces allegations of mortgage fraud. A lawsuit is in the works to contest the firing.

Federal Reserve Governor Lisa Cook is embroiled in a legal battle after former U.S. President Donald Trump attempted to remove her from her position over mortgage fraud allegations. Cook, appointed by Democratic President Joe Biden in 2022, has enlisted the help of Washington lawyer Abbe Lowell to fight the dismissal.

Lowell, who has represented high-profile figures like Hunter Biden and New York Attorney General Letitia James, plans to file a lawsuit. He argues that Trump's attempt to dismiss Cook lacks a legal foundation, stemming only from a misrepresented referral letter.

This controversy marks a significant chapter in the ongoing conflict between the Trump administration and officials appointed by his successor. Cook denies any wrongdoing, with her case drawing parallels to other high-stakes legal battles involving prominent political figures.

(With inputs from agencies.)