Fed official Lisa Cook sues Trump over attempt to fire her, challenging his power over the independent agency

Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the President's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.

The lawsuit seeks an emergency injunction to block her firing and “confirm her status” as a member of the Fed's governing board.

“The President's effort to terminate a Senate-confirmed Federal Reserve Board member is a broadside attack on the century-old independence of the Federal Reserve System,” Cook's lawyer, Abbe David Lowell, wrote in a court filing.