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Federal Reserve Governor Lisa Cook sued President Trump to prevent her dismissal. Trump cited unsubstantiated mortgage fraud allegations as the reason for her firing, a move Cook's lawyer argues is illegal and unprecedented. The lawsuit claims Trump's action violates the Federal Reserve Act, which requires "cause" for removal. Cook maintains her innocence and seeks a court ruling affirming her position. The case is expected to reach the Supreme Court, raising questions about presidential power over the Federal Reserve.

Prepared by Lauren Mitchell and reviewed by editorial team.