Fed Gov. Lisa Cook lawsuit says her firing is 'unprecedented and illegal'

Lawsuit Overview - Lisa Cook is suing President Trump, the Federal Reserve, and Jay Powell [1] - The lawsuit aims to declare Cook's firing unlawful and void [1] - The suit seeks to protect the Federal Reserve's independence [2] - The lawsuit alleges a violation of the right to notice and a hearing [2] Key Legal Arguments - The lawsuit argues that governors can only be removed "for cause" [2] - "For cause" is defined as inefficiency, neglect of duty, or malfeasance in office, and does not include policy disagreements [3] - The lawsuit seeks an injunction against the Federal Reserve and Jay Powell to prevent the president's attempt to fire Cook [3] - The allegations against Cook were made before she was a Federal Reserve governor and have not been adjudicated by a court [4] Potential Timeline - Initial rulings or temporary restraining orders (TROs) could happen quickly [5] - A judge may decide in a 24-hour period, but quick reversals are also possible [6] - A quick decision could allow Cook to continue her duties as Federal Reserve Governor until the case is fully adjudicated [7]