President Trump posted a letter on Truth Social announcing immediate removal of Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. Cook refused to resign and stated Trump lacks legal authority to fire her 'for cause.' Bill Pulte, a Trump appointee at Fannie Mae/Freddie Mac regulator, alleged Cook claimed two primary residences in 2021 to obtain better mortgage terms. Legal experts predict an extensive court battle likely to reach the Supreme Court. Markets reacted modestly with slight declines in stock futures and the dollar. Cook retained attorney Abbe Lowell, who vowed legal action to block the removal.
"President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so," she said in an emailed statement. "I will not resign."
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
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