Trump Revives Push to Remove Fed Governor Lisa Cook Over Mortgage Fraud Allegations
President Trump has revived his bid to remove Federal Reserve Governor Lisa Cook from the central bank's board, nearly a month after the Supreme Court blocked an earlier attempt. In a letter sent to Cook this week, the White House stated that the president is considering firing her due to unproven allegations of mortgage fraud.
The White House gave Cook three weeks to respond to the allegations. Cook has repeatedly denied any wrongdoing since the accusations first surfaced last summer and has not been charged with any crime. Her attorneys argue that this effort is a pretext to gain political control over the independent central bank.
This renewed push follows a Supreme Court ruling in June, which dealt Trump a setback on the same question. However, the justices also gave Trump broader authority to remove officials at other independent agencies. Legal analysts say a second removal attempt built around mortgage fraud allegations could force the courts to revisit the boundaries of presidential power over monetary policy institutions.
Cook's term on the Fed board is not set to expire for years, making her removal a significant test of presidential authority over the nation's monetary policy institutions.