What Happens Next in Trump Fight With the Fed’s Cook: QuickTake

President Donald Trump has moved to fire Federal Reserve Governor Lisa Cook after she refused his demand to resign over a claim by a top administration official that she lied on mortgage applications. The escalation sets the stage for a legal battle that will help determine the extent of White House control over the US central bank.

Trump said in an Aug. 25 letter posted on Truth Social that he had “sufficient cause” to fire Cook, an acknowledgment by the president that he needs a valid reason to dismiss her under US law. The firing came after Federal Housing Finance ...