Fed Governor’s Firing Resurfaces Legal Questions Surrounding Presidential Power

Federal Reserve Governor Lisa Cook is expected to sue President Donald Trump over her recent firing, refocusing attention on questions about the extent of presidential power and the protections Congress has instituted for particular federal entities. As with other agencies, Congress passed a law limiting the reasons for which presidents could remove members of the Federal Reserve. In Cook’s case, the Federal Reserve Act allows presidents to remove governors “for cause.” What constitutes adequate cause will likely be the subject of considerable debate in Trump’s second term, which has been marked by agency heads filing multiple legal challenges to their removals....