00:00Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the President's attempt to fire her.
00:10The move launches an unprecedented legal battle that could significantly reshape the Fed's long-standing political independence.
00:18It is seen as a test of whether the Federal Reserve is free from any political influence.
00:24Trump said the reason for her removal was allegations that she committed mortgage fraud in 2021, before she was appointed to the board.
00:34The lawsuit argues that the allegations don't involve misconduct by Cook while in office and haven't been proven.
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