Trump Seeks Removal of Federal Reserve Governor Lisa Cook Amid Mortgage Fraud Allegations
US President Donald Trump is once again attempting to remove Federal Reserve Governor Lisa Cook from her position. In a letter dated August 5, 2026, signed by Deputy Chief of Staff Dan Scavino, Cook was given 21 days to respond to allegations that she made false statements on mortgage applications. These charges have been denied by Cook.
Cook has consistently maintained that the allegations are unfounded and were an attempt to remove her due to her refusal to bow to political pressure and set interest rates based solely on what would best serve the American people. The Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors without providing procedural protections, which he failed to do in this case.
Democratic Senator Elizabeth Warren has labeled the latest attempt as Trump 'once again trying to illegally take over America's central bank.' She added that Democrats would 'fight back to make sure he fails.'