Ryan Levitt Quoted in American Banker on Firing of Federal Reserve Governor Lisa Cook

Benesch Of Counsel Ryan Levitt was quoted in American Banker analyzing President Donald Trump’s decision to remove Federal Reserve Governor Lisa Cook from her position. The move is expected to spark a high-stakes legal dispute over the scope of the Fed’s independence and whether alleged conduct predating Cook’s appointment can constitute cause for termination.

Ryan commented on the underlying mortgage fraud allegations at the center of the dispute, saying that the investigation should be an open-and-shut case. “There’s a level of simplicity to this. Mortgage fraud is not complicated by any stretch of the imagination,” he explained. “It’s one of those few areas where you still need to have a wet signature and you still have to have documents notarized, which means someone has to stand in front of you. If there’s a notary stamp and her signature on it, there’s going to be a witness saying, ‘Yes, she signed both of these documents,’ and the documents will say whether the places are her primary residence or not.”

The developing case raises broader constitutional and regulatory questions that may ultimately reach the U.S. Supreme Court, with significant implications for the Federal Reserve’s independence.

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