Core Viewpoint - The unprecedented dismissal of Federal Reserve Governor Lisa Cook by President Trump has sparked significant controversy, with Cook planning to file a lawsuit against the dismissal, claiming it lacks legal basis and authority [1][5][6]. Group 1: Dismissal and Legal Actions - Trump's dismissal of Cook was based on allegations of mortgage fraud, which he described as a "historic" action [1]. - Cook's attorney stated that they would take all necessary measures to prevent what they consider illegal actions by Trump [1]. - The Federal Reserve emphasized that the law protects the long-term tenure of its governors, stating that the President can only dismiss them for "just cause" [5]. Group 2: Trump's Response and Future Plans - Trump expressed readiness for legal battles regarding Cook's dismissal and mentioned he has a suitable replacement in mind [2]. - He indicated that he might consider appointing Stephen Milan, the Chairman of the White House Council of Economic Advisers, to a long-term position at the Federal Reserve [3]. - Trump also commented on the need for a majority at the Federal Reserve to lower interest rates to address housing costs [3]. Group 3: Federal Reserve's Position - The Federal Reserve stated it would respect judicial rulings regarding Cook's dismissal and would continue to fulfill its legal responsibilities [4][6]. - The institution reiterated its commitment to making monetary policy decisions based on data and the long-term interests of the American people [5].