Trump fires Fed's Lisa Cook over alleged fraud

President Trump announced the dismissal of Federal Reserve Governor Lisa Cook, accusing her of mortgage fraud involvement. Cook, who denies the allegations and has not been charged, argues that the president lacks authority to remove her and intends to stay in her role. The legality of Trump's action is unclear, as the law allows for removal of Federal Reserve governors only “for cause,” which is not well-defined, likely leading to a court dispute.