The Federal Reserve Board of Governors Cook's appointed lawyer has filed a lawsuit regarding Trump's dismissal.

The dismissal of Federal Reserve Board of Governors member Lisa Cook by Trump has seen new developments, with her lawyer Abe Lowell officially announcing that they will file a lawsuit to challenge the legality of the dismissal decision. Currently, this incident has evolved into a legal and political struggle involving the independence of the Fed and the stability of U.S. monetary policy.

According to previous reports, Trump accused Cook of making "false statements" when he applied for a mortgage in 2021, stating that Cook's actions were "unacceptable," and based on this, he made the decision to dismiss him. However, Cook's side denied this accusation, emphasizing that the dismissal was "completely unfounded both factually and legally," leading both parties into a fierce controversy.

The key focus of this legal dispute lies in the ambiguous wording of the "just cause" dismissal clause in the 1913 Federal Reserve Act. Most constitutional scholars point out that, based on legal logic and past precedents, it is difficult for the president to use actions taken by a governor before their appointment as valid grounds for dismissal. In light of this, Cook's side is likely to seek an injunction, hoping to restore his position during the litigation to safeguard his legal rights and normal duties.

If Trump achieves his personnel replacement goal through this action, he will hold a majority of seats on the Federal Reserve Board of Governors, creating a clear advantage. This situation will directly influence the future direction of interest rate decisions and financial regulation in the United States, thereby posing a serious challenge to the independence of the Fed as the central bank.

Currently, Trump’s side has indicated that there are candidates for succession. Among them, former World Bank President Malpass and former Treasury Department official Milan are both under serious consideration. Given the uniqueness and sensitivity of this incident, the market is closely and broadly monitoring the uncertainty in policy direction that this rare lawsuit may trigger, as well as the resulting impact on financial market volatility.

Cook is the first African American woman to serve on the Fed in its history, nominated by President Biden, with her original term set to expire in 2038. This dismissal not only concerns her personal tenure but will also serve as a key litmus test for whether the U.S. central bank can withstand political interference.

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