Trump Says He’s Removing Fed Governor Lisa Cook 

“President Donald Trump moved to remove Federal Reserve Governor Lisa Cook from her post at the US central bank in the wake of allegations that she falsified documents on mortgage applications,” Bloomberg reports.

CNBC: “Trump’s move pushes the Federal Reserve into uncharted territory and will likely lead to a legal clash that could wind up at the Supreme Court.”

New York Times: “Ms. Cook has not been charged with any wrongdoing or convicted in court of a crime. Her dismissal threatened to touch off a landmark legal battle over the president’s authority to fire members of the independent board. The Federal Reserve Act, the law that charters the central bank, would allow Mr. Trump to dismiss a governor if he could demonstrate cause, typically defined as professional neglect or malfeasance.”