11:52 AM EDT, 08/26/2025 (MT Newswires) -- Federal Reserve Governor Lisa Cook is planning to sue President Donald Trump over his attempt to dismiss her, her attorney said Tuesday, according to media reports.

Trump announced Monday night that he would be firing Cook based on reports that she applied and received two mortgages -- one in Michigan, one in Georgia -- while claiming both as primary residences to receive more favorable mortgage terms.

Cook's attorney, Abbe Lowell, suggested that Trump does not have the authority to remove Cook and will take legal action.