Federal Reserve Board Governor Lisa Cook will file a lawsuit challenging her removal by President Donald Trump, her attorney said Tuesday.

 

“President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” the lawyer, Abbe Lowell, said in a statement, a day after Trump cited allegations of mortgage fraud by Cook in firing her.

 

“His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis,” Lowell said.

 

Federal Reserve governors serve a 14-year term, and the US president may only remove them in exceptional cases of "serious misconduct," making Trump's decision a subject of widespread legal controversy.

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