Federal Reserve Gov  Lisa Cook sues Trump to keep her job - video Dailymotion

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00:00Federal Reserve Governor Lisa Cook is taking President Trump to court,

00:04claiming he illegally tried to fire her earlier this week.

00:09The lawsuit filed Thursday challenges Trump's Monday announcement that he had removed her,

00:14despite federal law requiring cause to dismiss a Fed governor.

00:18President Trump has accused Cook of committing fraud on mortgage applications,

00:23allegations his administration sent to the Justice Department.

00:26She has not been charged with any crime.

00:28Cook argues in the lawsuit that Trump violated the Federal Reserve Act

00:32by attempting to remove her based on, quote, unsubstantiated and unproven allegations.

00:37The law says the president must show cause to fire Fed governors.

00:42The complaint also claims Cook's right to due process and proper notice of termination were violated.

00:48Her attorneys say she had no prior knowledge of her purported firing.

00:52The White House insists the firing is legal, calling the allegations credible.

00:56Donald Trump has said he wants to replace Cook swiftly.

01:00Cook is asking for a temporary restraining order, with the hearing set for Friday.

01:04Legal analysts say the case could set a major precedent for how much job security Fed governors actually have.

01:11Earlier this year, the Supreme Court suggested they may enjoy extra protections.

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