Federal Reserve Struggle: Cook vs. Trump in Legal Battle

Federal Reserve Governor Lisa Cook is mounting a legal challenge to President Donald Trump's attempt to dismiss her from the central bank's board. This move sets the stage for a potentially lengthy legal battle over the White House's strategies in shaping U.S. monetary policy.

Cook's attorney, Abbe Lowell, has highlighted the lack of legal or factual grounds for the president's decision, labeling it an illegal action. The lawsuit follows Trump's claim that Cook engaged in deceitful conduct related to her mortgages.

This clash draws attention to the broader debate about the independence of the Federal Reserve in U.S. governance. The situation has stirred global economic concerns, as the potential reshaping of Fed leadership could impact financial stability.

(With inputs from agencies.)