Trump Administration Targets Federal Reserve Governor Lisa Cook Again

The Trump administration is again targeting Federal Reserve Governor Lisa Cook, two months after the Supreme Court allowed her to remain in her position while fighting a lawsuit challenging her firing. In June, the justices ruled 5-4 that Cook could stay as long as her case continued, but Chief Justice John Roberts noted that President Donald Trump could still try to fire her if he followed proper procedures. After the ruling, Trump vowed to 'take appropriate action immediately.'

Cook was nominated by President Joe Biden and is accused of mortgage fraud for allegedly misclassifying two homes as her primary residence. The White House aide Dan Scavino sent a letter to Cook citing the Supreme Court's requirement for proper notice, giving her until August 26 to contest any removal action. Cook has denied the allegations, saying she was targeted for refusing to set interest rates based on political pressure.

Cook's lawyer, Abbe Lowell, argues that the Atlanta condo was initially referred to as a 'vacation home' in an earlier mortgage application and that it was an 'isolated notation' when Cook later called it her primary residence. The Federal Housing Finance Agency made a criminal referral against Cook last August, which Trump used as a pretext for trying to oust her.

The White House's latest move rehashes the year-old allegations, but Lowell says they are still baseless and that Cook will continue to challenge any efforts to remove her from the Fed. Under Supreme Court precedent, there is no valid cause for removing Cook, according to Lowell.