Trump Regains Momentum Against Fed's Lisa Cook Over Mortgage Fraud Allegations

President Donald Trump's administration is taking another swing at Federal Reserve Governor Lisa Cook. The Supreme Court had left the door open in June for Trump to relitigate his case against Cook, and now his team is following through.

A letter from White House deputy chief of staff Dan Scavino gave Cook three weeks to respond to allegations of mortgage fraud, citing a recent Supreme Court ruling that allowed Cook to notice and respond to the claims.

Cook's lawyers say the allegations are baseless and have never been litigated. The developments are sparking concerns about diminishing Fed independence as the central bank weighs whether to raise interest rates at its next meeting.