Trump Revives Effort to Oust Fed Governor Amid Mortgage Allegations

White House National Economic Council Director Kevin Hassett said President Donald Trump would have the authority to fire Federal Reserve Governor Lisa Cook if cause for her removal is established, but ruled out taking her place on the central bank's board.

Hassett described the dispute over Cook's potential firing as a 'law enforcement matter' that would be resolved through legal due process. He said the question of whether such cause exists should be left to law enforcement, and declined to weigh in further on the merits of the allegations against Cook.

The White House revived its effort to remove Cook last week, citing allegations that she made false statements on mortgage documents. The Federal Reserve Act gives presidents the authority to remove Fed governors 'for cause,' but Cook's attorneys have called the allegations 'baseless' and said they would challenge any renewed attempt to remove her.