The Supreme Court is likely to resolve the question of whether President Trump had legal cause to remove the Federal Reserve Board member.

President Donald Trump's removal of a Federal Reserve governor could end up being challenged at the Supreme Court.

Trump is the first president to attempt to fire a Fed governor since Congress established the central bank in 1913, Evercore ISI said.

President Trump pointed to allegations of mortgage fraud by Lisa Cook in saying she was fired as a governor of the Federal Reserve Board.

Trump said he is removing Cook effective immediately because of allegations by one of his supporters that she committed mortgage fraud.

The president’s move is seen as an attempt to get a loyalist on the Federal Reserve’s influential board.

Federal Reserve Board Governor Lisa Cook hired Abbe Lowell to fight her termination by President Trump for a case that could land at the Supreme Court.

Federal Reserve Governor Lisa Cook filed a lawsuit on Thursday claiming U.S. President Donald Trump has no power to remove her from office.

US president spent months waging campaign against Fed’s leaders which has raised questions over its independence

The Supreme Court is likely to resolve the question of whether President Trump had legal cause to remove the Federal Reserve Board member.

Lisa Cook’s lawsuit contests Trump’s authority to remove her from her post, potentially redefining the Federal Reserve’s independence.

The president has accused Cook of mortgage fraud, and cited constitutional power that he says allows him to fire governors.

The lawsuit comes amid concerns that the US president is trying to sway central bank’s decisions on monetary policy.

A court hearing could end with Fed Governor Lisa Cook remaining on the job while her lawsuit challenging her firing by President Donald Trump plays out.

The case sets off a potential legal battle, which could reach the Supreme Court, with implications for the US central bank's autonomy.