Federal Reserve Board of Governors member Lisa Cook is thumbing her nose at President Donald Trump. Announcing plans to file a lawsuit in case that’s griping the nation across online and network television.
Cook said she has no intention of leaving her job after Trump claimed to have terminated her in a post on social media Monday night.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so, ,” Cook said in a statement.
“I will not resign and will continue my work to support the U.S. economy, as I have since 2022,” she added.
Cook’s attorny Abbe Lowell also added in a statement a day after Trump cited allegations of mortgage fraud for his reasons for firing Cook. “His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis,” Lowell said.
“We will be filing a lawsuit challenging this illegal action.”
Trump alleged Cook committed mortgage fraud in a letter that was posted to the President’s social media platform Truth Social.
“I have determined that there is sufficient cause to remove you from your position,” he wrote, according to NBC.
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks,” Trump stated. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.”
“In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity,” Trump added.
Last week, Trump called on Cook to resign after the head of the Federal Housing Finance Agency (FHFA) Bill Pulte, claimed the Biden appointee committed fraud by listing two primary residences, one in Michigan and one in Atlanta
The President can remove members of the Federal Reserve Board of Governors for cause, but it remains to be seen whether the accusations against Cook rise to that level.
If Cook does sue, the case could end be decided by the Supreme Court, reports CNBC.
“He’s scared to death of an intelligent woman,” Threads user jcinzenga wrote.
“Black women have zero problem standing up to Trump and I love it,” Dryll commented.
“and that’s why he’s scared of them,” Jeff Montgomery agreed on Threads.
“Thank God someone has the balls to stand up to Trump!” Robby Virus posted.
Some social media users claimed Cook was a DEI hire, meaning she was hired under diversity, equity and inclusion policies that Trump has now slashed and burned. He not only removed all DEI program from the federal government, arguing the programs represent a so-called “woke“ mindset, but he’s also threatened corporate America and colleges and universities across the country, demanding they close down DEI offices and programs.
X user Brit Targaryan had a saucy response to that claim, ““ANoThEr DeI HiRe” I wish yall knew how f#cking stupid yall looked saying that. Trump and his entire cabinet are full of DEI hires cause they sure as hell didn’t get the job based on merit.”
The Federal Reserve has not publicly commented on the escalating feud between Cook and Trump. Trump has already spent months criticizing Fed Chairman Jerome Powell because Powell has refused the President’s demands to lower interest rates.
Last week Cook, in response to Pulte and Trump’s accusations, said she would not be “bullied to step down from my position because of some questions raised in a tweet.”
“I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts,” she said in a statement.
Cook is an economist from Georgia and is the first Black woman to serve on the Federal Reserve board. She became the first woman of color to serve on the Federal Reserve Board after former Vice President Kamala Harris cast a tiebreaking vote on May 10, 2022, to confirm her appointment.
Cook attended Spelman College, where she studied physics and philosophy as a Truman scholar, and received her undergraduate degree. She was also a Marshall scholar and went on to complete a master’s degree and a Ph.D. program at the University of California, Berkeley.
Cook was a professor of economics and international relations at Michigan State University and a member of the American Economic Association’s Executive Committee. She’s an authority on international economics, especially teh Russian economy and has advised policymakers for years from the Obama administration to the Rwandan and Nigerian governments.
Before her appointment to the Fed Board she was elected to the board of directors of the Federal Reserve Bank of Chicago.
Trump threatened last week to boot Cook from the Federal Reserve board if she didn’t leave on her own. Cook has hired a Washington attorney and plans to fight the President’s efforts.
Great Job Shelby E. & the Team @ Atlanta Black Star Source link for sharing this story.
