Trump Administration Targets Fed Governor Over Mortgage Fraud Allegations

The Trump administration is pushing ahead with its efforts to fire Federal Reserve governor Lisa Cook. The move 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 that she has denied.

Cook, who was nominated to the Fed's Board of Governors by President Joe Biden, was accused of committing mortgage fraud by declaring two different homes as 'primary residence.' This allows homebuyers to get lower mortgage rates or smaller down payments on their primary homes compared to second or vacation homes.

Cook has aggressively defended herself against the allegations, saying the president had attempted to oust her 'on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people.'