Core Points - President Trump has expressed intentions to challenge the Federal Reserve Board member Lisa Cook's position, indicating he has a suitable replacement in mind [1][2] - Trump has suggested that interest rates need to decrease to address housing costs, emphasizing the need for a majority in the Federal Reserve [1] - The Federal Reserve has stated that the removal of board members requires "just cause" as per the Federal Reserve Act, ensuring that monetary policy decisions are based on data and long-term interests [1][2] Group 1 - Trump's dismissal of Lisa Cook is described as "unprecedented" and has sparked controversy, with Cook asserting that Trump lacks the legal authority to terminate her [2] - Cook's attorney has announced plans to file a lawsuit against Trump's decision, claiming it is illegal and without proper grounds [2] - The Federal Reserve has reiterated its commitment to comply with any court rulings regarding Cook's position [1][2]

Core Points - The Federal Reserve spokesperson issued a statement regarding President Trump's dismissal of Federal Reserve Governor Lisa Cook, emphasizing that the law mandates long-term fixed terms for governors and that the President can only remove them for "just cause" [2] - The statement highlighted the importance of the long-term term and removal protection for ensuring monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people [2] - Lisa Cook has indicated through her attorney that she will seek judicial review of her dismissal, and the Federal Reserve will comply with any court ruling [2] Response from Trump - President Trump responded by stating that he would also abide by any court ruling regarding the dismissal [3] - Trump cited alleged mortgage fraud as the reason for dismissing Lisa Cook, a move described by media as "unprecedented," which has sparked controversy [3] - Lisa Cook's attorney announced plans to file a lawsuit against Trump's dismissal, asserting that Trump does not have the authority to remove her from her position [3]