Trump Revives Bid to Oust Federal Reserve Governor Over Mortgage Fraud Claims

US President Donald Trump has renewed his attempt to remove Federal Reserve Governor Lisa Cook from her position, citing mortgage fraud allegations. According to a White House letter shared by media on Friday, Cook has been given 21 days to respond to the allegations, which she has denied.

The move is the latest in Trump's unprecedented assault on the independence of the Federal Reserve, following his attempt to fire previous chairman Jerome Powell and his probe into Powell's actions. The Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors 'for any reason or no reason,' but this decision was based on procedural grounds rather than the merits of the allegations.

Cook has consistently denied the allegations, stating that they were an attempt to remove her from office due to her refusal to bow to political pressure and set interest rates based on partisan considerations. Democratic Senator Elizabeth Warren labeled Trump's move as an 'attempt to illegally take over America's central bank,' saying that Democrats would fight back against it.