Trump Targets Fed Governor Again Over Mortgage Fraud Allegations

US President Donald Trump has renewed his attempt to remove Federal Reserve Governor Lisa Cook over mortgage fraud allegations. This move comes after the Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors without giving them procedural protections.

The White House letter, dated August 5 and signed by Deputy Chief of Staff Dan Scavino, gives Cook 21 days from the date of the letter to respond to the allegations. The letter asserts that Cook's conduct was 'grossly negligent' and that she is unfit for office.

Cook has denied the allegations, stating that they were an attempt to remove her on a manufactured pretext because she refused to bow to political pressure. She added that she continued to set interest rates based only on what would best serve the American people.

The Supreme Court's decision in June made special mention of the importance of the Fed's independence and ruled that Trump had tried to fire Cook without giving her an opportunity to respond to the allegations.