Trump revives effort to fire Fed's Lisa Cook
President Donald Trump has renewed his efforts to remove Federal Reserve Governor Lisa Cook, citing alleged mortgage fraud. The White House has issued a formal request for an explanation, following a Supreme Court ruling that required additional due process for such a removal.
Why it matters
This move highlights ongoing tensions between the executive branch and the independence of the Federal Reserve, potentially impacting monetary policy stability.
President Donald Trump is "considering" firing Federal Reserve Board Governor Lisa Cook, the White House said this week, reviving an effort that had been stymied by the Supreme Court in June.
White House presidential aide Dan Scavino, in a letter to Cook dated Wednesday, said there is "sufficient reason to believe that you made false statements on one or more mortgage agreements."
Those are the same allegations Trump and his allies floated when he first moved to fire Cook from the central bank last year. Cook denied the charges and filed a lawsuit challenging her dismissal.
A federal court blocked Trump from firing Cook while her suit was pending. The Supreme Court, in a 5-4 ruling in late June, upheld that decision against a challenge the president.
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