Federal Reserve Governor Lisa Cook sued President Donald Trump, the Fed Board and Chair Jerome Powell on Thursday, arguing that the president’s bid to remove her over alleged mortgage fraud exceeds his authority and threatens the U.S. central bank’s independence. It is the first time a president has tried to fire a sitting Fed governor since the institution was created in 1913. Cook’s complaint, filed in federal court in Washington, says the Federal Reserve Act allows dismissal only “for cause” and contends the unproven allegation that she mis-stated the status of two mortgages in 2021 does not meet that standard. She asked for a temporary restraining order declaring the firing unlawful and preventing the Fed from acting on it. U.S. District Judge Jia Cobb set an emergency hearing for 10 a.m. Eastern on Friday. The White House said Trump “exercised lawful authority” because Cook was “credibly accused of lying.” The mortgage complaint originated with Federal Housing Finance Agency Director Bill Pulte, who referred the matter to the Justice Department. Cook’s lawyers called the episode a pretext for political interference, saying any paperwork errors were inadvertent and caused no financial harm. If Cook is removed, Trump could secure a majority of appointees on the seven-member board before the Fed’s September policy meeting, bolstering his campaign for steeper interest-rate cuts. Legal scholars expect the case to move quickly through the courts and possibly reach the Supreme Court, with investors watching for any sign that the dispute could erode confidence in the Fed’s long-standing independence.