Federal Reserve Board of Governor Lisa Cook is suing President Donald Trump over her dismissal from the panel that guides the nation's monetary policy.

The suit, filed in federal court on Thursday, stems from allegations that Cook committed mortgage fraud before she joined the Federal Reserve. Trump wrote in a letter to Cook on Aug. 25 that he had "sufficient cause" to fire her, saying her dismissal was "effective immediately."

A day later, Cook said she would not resign from her post at the Federal Reserve, the world’s most powerful central bank. "I will continue to carry out my duties to help the American economy as I have been doing since 2022," Cook wrote in a statement. Her term on the Federal Reserve Board of Governors runs through January 2038.

The Federal Reserve Board o

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