Judge To Hear Lisa Cook’s Case Against Trump On Friday: Report

A federal judge has reportedly set the hearing in Federal Reserve Governor Lisa Cook’s case against President Donald Trump for Friday.

According to a CNBC report, this comes just hours after Cook filed a lawsuit against the President, challenging her removal from the central bank's board.

Cook’s attorney, Abbe Lowell, called Trump’s allegations untrue and argued that it would not constitute sufficient cause needed to remove her from her post. “It would subvert the Federal Reserve Act ... which explicitly requires a showing of ‘cause’ for a Governor’s removal, which an unsubstantiated allegation about private mortgage applications submitted by Governor Cook prior to her Senate confirmation is not,” Lowell stated in the lawsuit.

The filing also stated that if there were indeed errors in the application, they were due to an unintentional clerical error, and that she did not mean to deceive anyone and that no one was harmed, according to a Bloomberg report.

Earlier on Thursday, Cook filed a lawsuit against Trump days after she stated that the President has “no authority” to oust the governor from her post. The filing drew a sharp reaction from the Federal Housing Finance Agency Director Bill Pulte, who said he has learned of new evidence of Cook’s “deceitfulness.”

“Well, in addition to alleged mortgage and other fraud, there is new info we are learning about her deceitfulness while in office,” Pulte said in a post on X. Cook previously responded to Pulte’s allegations, saying last week that she has “no intention of being bullied to step down.”

Allianz’s Chief Economic Advisor, Mohamed El-Erian, said Powell could be forced to launch an internal investigation even as Cook stood her ground and said President Trump had no legal authority to oust her.

Meanwhile, U.S. equities rose in Thursday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.22%, while the Invesco QQQ Trust (QQQ) gained 0.55%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

Also See: El-Erian Warns Federal Reserve’s Independence Showing ‘Worrisome Cracks’ Due To Animosity Between Trump And Jerome Powell

For updates and corrections, email newsroom[at]stocktwits[dot]com.