Cook Slams Trump Threats as 'Attempt to Force the Federal Reserve to Bend to His Will'
Federal Reserve Governor Lisa Cook has responded to renewed threats from the White House to fire her. In a letter dated Wednesday, Cook's attorneys argued that there is no legal basis for President Trump to remove her from the central bank's governing board.
The controversy surrounds allegations made by the Trump administration that Cook committed mortgage fraud by declaring two homes as 'primary residences' in mortgage applications. However, Cook has maintained that any errors were unintentional and did not rise to a level that justified her firing.
Cook's attorneys pointed out that an inadvertent error is not fraud, and that the attacks on her are an attempt by Trump to force the Federal Reserve to bend to his will. They also noted that if Trump is able to remove Cook, he could name a replacement and gain a majority on the Fed's board.
The Supreme Court previously ruled that Cook could remain in her position while the case against her was litigated. However, it also allowed Trump to try to fire her again with proper notice and a chance to contest it.