Trump Resumes Bid to Fire Fed Gov Over Mortgage Fraud Allegations

US President Donald Trump has restarted his bid to remove Federal Reserve Governor Lisa Cook from her position, following a Supreme Court ruling that stayed her termination while an investigation is ongoing. The White House has given Cook three weeks to respond to the allegations of mortgage fraud, which are at the heart of the investigation. According to the source, Cook's lawyers have called the allegations 'baseless' and vowed to challenge them.

Cook was appointed by President Biden and serves on the Federal Open Market Committee, which sets interest rate policy for the Fed. The Supreme Court ruled 5-4 in June that Cook's termination should be stayed while the investigation is ongoing, citing 'the longstanding historical practice and understanding that the Federal Reserve is an independent agency whose governors enjoy for-cause removal protection consistent with Article II of the Constitution.'

In a statement to Realtor.com, Trump said that the court's decision was based on 'a strictly procedural basis' and vowed to take action to ensure that Cook does not continue to make decisions for the Fed. This move comes as Trump has been pushing for lower interest rates to boost affordability.