Trump Admin Tries Again to Oust Fed Governor Over Mortgage Fraud Allegations

The Trump administration is once again attempting to remove Federal Reserve Governor Lisa Cook from her position. This move comes after the Supreme Court ruled in June that Cook could remain in office while she fights the president's effort to terminate her over mortgage fraud allegations. The latest attempt gives Cook until August 26 to challenge it.

Cook has denied the allegations, which were made by Bill Pulte, the director of the Federal Housing Finance Agency, last August. He accused her of committing mortgage fraud by declaring two different homes as 'primary residence', which can result in lower mortgage rates or smaller down payments. Cook's lawyer, Abbe Lowell, argued that she had lived mostly in one of the properties since purchasing it in 2005 and that referring to it as her primary residence was accurate.

The White House letter reiterates the year-old allegations and states that Trump is 'considering removing' Cook from her position. However, Lowell said in a statement that 'these allegations are as baseless now as they were a year ago when President Trump tried to remove Governor Cook.' He added that 'no matter what President Trump tries to do next, this much is clear under the facts and Supreme Court precedent, there is no valid cause for removing Governor Cook.'