Fed Chairman Powell also became a defendant in the lawsuit filed by Fed Governor Cook against Trump

Odaily Planet Daily reported that Federal Reserve Board Governor Cook filed a lawsuit in the federal court in Washington, D.C., trying to prevent US President Trump from removing her from office. The lawsuit also named Federal Reserve Chairman Powell and the Federal Reserve Board as defendants. Trump said on Monday that he wanted to remove Cook because someone accused her of fraud in mortgage applications related to two homes under her name. Cook's lawyer Abbe Lowell wrote in the lawsuit: "This case challenges President Trump's unprecedented and illegal attempt to remove Board Governor Cook. If this action is allowed to happen, it will be the first time in the history of the Federal Reserve Board." "This will undermine the Federal Reserve Act... The law clearly requires that there must be 'good cause' to remove a board member, and the alleged allegations that there were problems with the private mortgage applications submitted by Cook before Senate confirmation do not constitute good cause." Cook's lawsuit has opened a legal battle that may eventually reach the Supreme Court. (CNBC)