Federal Reserve Board Governor Lisa Cook sued President Donald Trump after he tried to fire her from the central bank, according to news reports.
Cook filed that lawsuit in Washington, D.C., and named Fed Chair Jerome Powell and the Board of Governors as defendants, multiple news outlets reported on Thursday.
Cook’s move is the latest as tensions flare between the central bank and the president. Trump has rallied against Powell for not lowering interest rates and has threatened to fire him. A Fed board member can only be removed “for cause” as a way to protect the central bank’s independence from politics.
Some have said that firing Cook is a way to get a majority at the Fed that could then support reducing the interest rate.
“The President could push his majority to reject reserve bank presidents unless they agree to back lower rates and are comfortable with more White House influence over monetary policy,” investment bank TD Cowen said in a note on Tuesday. “That would give Trump a more cooperative FOMC (Federal Open Market Committee).”
Earlier this month, Trump tapped Stephen Miran, who has been friendly toward crypto, to serve on the Fed Board of Governors, replacing a seat previously held by Adriana Kugler. He would still need to be confirmed by the Senate. Miran has suggested that crypto regulations need to be streamlined. Miran has also reportedly criticized Powell.
The Senate Banking Committee is prepping to hold a hearing next week on Miran’s confirmation, according to Bloomberg.
TD Cowen’s Jaret Seiberg said it is likely that both Miran and Cook’s potential replacement join Fed Vice Chair Michelle Bowman and Fed Gov. Chris Waller in interest rate cuts.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
