<h1>President's removal of Federal Reserve governor over alleged mortgage fraud sparks legal fight over removal protections and independence</h1> A president announced the removal of a sitting Federal Reserve governor, citing alleged mortgage fraud, triggering market declines and raising novel legal issues about executive authority over independent monetary institutions. The action is described as unprecedented and likely to prompt extended litigation challenging the legality of removing a governor-questions will focus on statutory protections for Federal Reserve officials, required cause for removal, administrative-law procedures, and separation-of-powers constraints. Resolution may require appellate review up to the Supreme Court and could set significant precedent regarding central-bank independence and limits on political interference.