Trump Administration Pushes Forward 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 over mortgage fraud allegations, despite her denial of any wrongdoing.

Cook was nominated to the Fed's Board of Governors by President Joe Biden and has been a key figure in setting interest rates. The Supreme Court allowed her to retain her job while she fights the president's effort to terminate her, pending a lower-court ruling in Cook's favor.

The Trump administration is appealing this decision, and White House aide Dan Scavino sent Cook a letter informing her that President Donald Trump was considering removing her from her position, citing the Supreme Court's requirement of proper notice. Cook has until August 26 to challenge it.

Cook denies any wrongdoing, stating that she refused to bow to political pressure and continued to set interest rates based on what would best serve the American people. Her lawyer, Abbe Lowell, argued in a November letter that Cook's mortgage applications were accurate and did not reflect an intent to defraud.