Name: Fed Governor Sues Trump: WSJ Correspondent on What’s in the Lawsuit
Uploaded: 2025-08-29T19:00:00Z
Duration: 3 min 35 s
Description: Federal Reserve governor Lisa Cook sued President Trump, starting a legal battle testing the president’s power over the central bank’s board. WSJ’s Jess Bravin explains what’s in the lawsuit.

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Federal Reserve governor Lisa Cook sued President Trump, starting a legal battle testing the president’s power over the central bank’s board. WSJ’s Jess Bravin explains what’s in the lawsuit. Photo Illustration: Annie Zhao/WSJ

https://m.wsj.net/video/20250829/99020187-d875-467f-8cc7-f59e534d188c/4/hls/manifest-hd-wifi.m3u8

Federal Reserve governor Lisa Cook sued President Trump, starting a legal battle testing the president’s power over the central bank’s board. WSJ’s Jess Bravin explains what’s in the lawsuit.

Fed Governor Sues Trump: WSJ Correspondent on What’s in the Lawsuit

Lisa Cook, a member of the Federal Reserve Board filed suit against President Trump, the Federal Reserve itself, and the Fed chairman Jerome Powell, alleging that Trump's purported firing of Lisa Cook was illegal. This is two days after President Trump went to social media to fire Lisa Cook, alleging that she had filed a fraudulent mortgage application and that was sufficient cause to remove her before the expiration of her 14 year term.

He has the cause that he needs to fire this individual and so we'll continue to fight this battle.

The complaint paints a picture of the President using this allegation as a pretext for a political goal that he has, regardless of what she did or didn't do. His goal is to take control of the Fed so it can lower interest rates and give a short term boost to the economy that will help him politically, even if it damages the United States economy over the longer term. Now, whether or not she is guilty of fraud or it's just a mistake in claiming two different residences as her primary residence, that's the the basic allegation, that has itself several dimensions on whether if true it would be cause. The complaint says that the President has violated Lisa Cook's rights to due process, which are guaranteed under the Constitution and the statute creating the Federal Reserve, which requires cause and that the cause against her hasn't been proven. In fact, she hasn't even been given a formal opportunity to respond to that cause. The complaint points out why the Fed has historically enjoyed this type of independence. It says that an independent Fed prevents the President from political manipulation of policy for his own short-term interest. This case moves us into really uncharted territory. Never in the history of the Fed has a president ever attempted to remove a governor for cause.

What is your response? Are you prepared for a legal fight? And then a little bit more.

Oh, sure. Always, we always had legal fights. Look, I had a legal fight that went on for years with crooked people, with very horrible people.

The 1913 law establishing the Federal Reserve gives the president the power to remove a Fed Governor for cause. But that's all the statute tells us. The statute doesn't tell us what cause is, and it doesn't tell us how the President can establish sufficient cause. And it doesn't tell us what a Fed Governor can do to dispute a president's effort to remove a Fed Governor. President Trump has very loudly complained about Jerome Powell, the Fed Chairman, declining to reduce interest rates in a way that has not juiced the economy the way the President wants.

I call him too late, you know, he's always too late.

But he hasn't yet moved to fire him. And if he is successful in removing Lisa Cook, he won't necessarily have to because that would give Trump the opportunity to appoint a majority of members of the Federal Reserve Board. One of the things Lisa Cook is asking for is a temporary restraining order preventing the president from removing her and preventing the Federal Reserve Board and Jerome Powell from implementing the President's direction. That's why they also are named in the lawsuit and the Federal Reserve has said it's gonna follow whatever the courts tell it to do. So it really is gonna put the courts and almost certainly the United States Supreme Court and the position of deciding what level of independence a Federal Reserve has and what constitutes misconduct by a Senate confirmed member of the Fed Board.