By Daniel Wiessner

(Reuters) -Federal Reserve Governor Lisa Cook filed a lawsuit on Thursday claiming U.S. President Donald Trump has no power to remove her from office, setting up a legal battle that could reset long-established norms for the U.S. central bank’s independence.

Cook’s lawsuit said Trump, a Republican, violated a federal law allowing the president to remove a Fed governor only for cause when he took the unprecedented step on August 25 of announcing he would fire her. The Republican president has accused Cook of committing mortgage fraud in 2021, a year before she joined the Fed’s governing body.

The case is likely headed to the Supreme Court, where a conservative majority has at least tentatively allowed Trump to fire officials from other agencies but recently signaled th

See Full Page