Trump Renews Effort to Fire Fed Governor Lisa Cook Amid Mortgage Fraud Allegations

US President Donald Trump has reinitiated his effort to remove Federal Reserve Governor Lisa Cook from her position, reigniting controversy over presidential power and central bank independence. The Trump administration is seeking Cook's removal due to allegations involving mortgage documents from 2021, before she joined the Federal Reserve in 2022. Trump accuses Cook of mortgage fraud, while she denies wrongdoing and her lawyers describe the allegations as baseless and politically motivated.

The Supreme Court previously ruled 5-4 that Cook could remain in her position while challenging her removal, citing a lack of procedural protections. However, the ruling did not prevent Trump from attempting to remove her again if proper notice and an opportunity to respond are given.

Cook's deadline to respond is August 26, as indicated by Chief Justice John Roberts. The ongoing battle highlights the tension between presidential power and central bank independence in the US financial system.