Trump Targets Fed Governor Again, Alleging Mortgage Fraud
US Federal Reserve Governor Lisa Cook is facing renewed attempts to remove her from office by President Donald Trump, who has launched an unprecedented assault on the central bank's independence. The White House sent a letter to Cook on August 5, giving her 21 days to respond to unproven allegations of mortgage fraud. Cook, the first Black woman to serve as a Fed governor, has consistently denied the allegations.
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 did not address the underlying allegations. The court's decision was seen as a major blow to Trump's efforts to undermine the Federal Reserve's independence, which is crucial for setting monetary policy and maintaining economic stability.
Cook has been at the center of controversy since Trump launched an investigation into her background last year. She has refused to bow to pressure from the White House, continuing to set interest rates based on what she believes would best serve the American people.