Trump Revives Bid to Remove Federal Reserve Governor Over Mortgage Allegations
US President Donald Trump has revived his effort to remove Federal Reserve Governor Lisa Cook from office over allegations of mortgage fraud. The White House notified Cook that it is considering her removal, citing inaccurate representations in mortgage documents in 2021.
Cook was nominated to the Federal Reserve Board in 2022 by then-President Joe Biden and became the first Black woman to serve as a governor of the Fed. She has denied wrongdoing and previously challenged Trump's attempt to remove her from the central bank.
The administration's decision to revive the removal effort comes amid an intensifying debate over the institutional independence of the Federal Reserve. Critics have warned that political pressure on the central bank could undermine confidence in monetary policy and influence expectations about interest rates and inflation.