President Donald Trump has launched a new attack on the Federal Reserve, announcing that he is firing Fed Governor Lisa Cook. But some legal experts say he does not have the power to do that.
Cook is the first Black woman to serve as a Federal Reserve governor. Trump has accused her of mortgage fraud, a charge she calls baseless as she vows not to resign.
Attorney Abbe David Lowell says the move is illegal, vowing “we will take whatever actions are needed to prevent his attempted illegal action.”
If Trump succeeds, his appointees would hold a 4-3 majority on the Fed’s board, stacking the central bank with loyalists who back his push for lower interest rates.
The Congressional Black Caucus pushed back, calling Trump’s attempt “a racist, misogynistic, and unlawful attack on the integrity and independence of the Federal Reserve.”
It is the first time in the Fed’s 111-year history that a president has tried to fire a governor. The dispute is moving into the courts and could reach the Supreme Court.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
