Trump Targets Fed Governor Again Over Mortgage Fraud Allegations

US President Donald Trump has renewed his effort to remove Federal Reserve Governor Lisa Cook from her position, citing mortgage fraud allegations. The move comes after the Supreme Court ruled in June that Trump did not have the power to dismiss Fed governors 'for any reason or no reason.'

The White House letter dated August 5 and signed by Deputy Chief of Staff Dan Scavino gives Cook 21 days to respond to the allegations, which she has consistently denied. She claims the attempt to remove her is a manufactured pretext because she refused to bow to political pressure.

Cook was appointed as the first Black woman to serve as a Fed governor and has been at the center of Trump's unprecedented assault on the independence of the Federal Reserve in his second term. The Supreme Court emphasized the importance of the Fed's independence, saying it decided the case 'on the narrow ground that the President failed to afford Cook the procedural protections to which she was entitled by statute.'

Democratic Senator Elizabeth Warren has labeled Trump's move as an attempt to illegally take over America's central bank and vowed to fight back against it.