Trump Administration Seeks to Remove Fed Governor Over Mortgage Fraud Allegations

The Trump administration is moving forward with its efforts to remove Federal Reserve Governor Lisa Cook from her position, despite her previous win in court. In June, the Supreme Court ruled that Cook could remain as a governor while she contests the president's attempt to fire her over mortgage fraud allegations.

Two months later, White House aide Dan Scavino sent a letter to Cook informing her that President Donald Trump is considering removing her from her position. The letter specified that Cook would have until August 26 to challenge the decision, citing the Supreme Court's requirement for proper notice.

Cook has denied the allegations and argued that she was targeted by the president due to her refusal to bend to political pressure when setting interest rates. Her lawyer, Abbe Lowell, maintained that Cook had always accurately declared both of her homes as primary residences in mortgage applications.