LISA COOK, YOU’RE FIRED!

Lisa Cook is, or was, a member of the Board of Governors of the Federal Reserve. President Trump wrote Cook a letter, firing her for cause, i.e., mortgage fraud. He announced the firing on Truth Social:Rather than going quietly, Cook responded by suing Trump and others, alleging that grounds for her firing do not exist and asking for declaratory and injunctive relief to that effect. It alleges that Trump’s grounds for firing Cook are pretextual, and the firing is an attack on the Fed’s vaunted independence. The Cook cases raises several issues. The Federal Reserve Act says that the president...