Trump Administration Presses On with Efforts to Fire Federal Reserve Governor Lisa Cook

The Trump administration is moving forward with its efforts to fire Federal Reserve Governor Lisa Cook. This comes two months after the Supreme Court allowed her to retain her job while she fights the president's effort to terminate her over mortgage fraud allegations.

Cook was nominated to the Fed's Board of Governors by President Joe Biden, but Trump has been trying to remove her due to accusations that she committed mortgage fraud. The allegations claim that Cook referred to two different homes as her 'primary residence,' which can result in lower mortgage rates or smaller down payments.

Cook has denied these claims and argued that the president is trying to oust her for political reasons. Her lawyer, Abbe Lowell, said that Cook had mostly lived in one of the properties since purchasing it in 2005, making it accurate for her to refer to it as her 'primary residence.'

The White House has given Cook until August 26 to challenge a potential firing, citing the Supreme Court's requirement of proper notice. Trump's administration is appealing a lower-court ruling that favored Cook.