Federal Reserve Governor Lisa Cook sues over Trump's attempt to fire her without cause.

Federal Reserve Governor Lisa Cook filed a lawsuit against the Trump administration after President Trump attempted to fire her for alleged mortgage fraud in 2021. Cook argues she cannot be fired without cause under the Federal Reserve Act. Legal experts say her removal requires a process for her to respond to charges, which hasn't happened. If Trump's firing is allowed, it could erode the Fed's independence, potentially raising borrowing costs for Americans.