Fed governor Lisa Cook slams Trump's renewed threat to fire her
Federal Reserve Governor Lisa Cook has formally rejected the Trump administration's renewed attempt to remove her from the central bank's board. Her legal team argues that the administration lacks a legal basis for the firing and that the allegations of mortgage fraud are politically motivated.
Why it matters
The dispute highlights ongoing tensions between the executive branch and the independence of the Federal Reserve.
By CHRISTOPHER RUGABER Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] --> Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. --> Share
WASHINGTON (AP) — Federal Reserve governor Lisa Cook said the Trump administration has no legal basis to remove her from the central bank’s governing board in a letter late Wednesday responding to renewed threats from the White House.
Trump first sought to fire Cook a year ago over allegations that she commited mortgage fraud, which she denies. The charge has not been proven or considered in court. The Supreme Court ruled that Cook could remain in her position while the case is litigated. The justices also said Trump could try to fire her again if he provided proper notice and a chance to contest it.
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