Federal Reserve Gov. Lisa Cook filed a lawsuit on Thursday saying President Donald Trump has no power to remove her from office, setting up a legal battle that could challenge long-established norms for the U.S. central bank's independence.
The lawsuit said Trump violated a federal law allowing him to remove a Fed governor only "for cause" when the president took the unprecedented step on Aug. 25 of announcing he would fire her.
Trump has accused Cook of committing mortgage fraud in 2021, a year before she joined the central bank's governing body.
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