Trump Targets Federal Reserve Governor Over Mortgage Fraud Allegations
US President Donald Trump has renewed his efforts to fire Federal Reserve Governor Lisa Cook. The White House sent Cook a letter, signed by Deputy Chief of Staff Dan Scavino, threatening her position and giving her three weeks to respond to unproven allegations of mortgage fraud.
The letter, dated August 5, accused Cook of committing the crime, punishable by up to 30 years in prison. Trump first made these claims against Cook in August 2025, but they have been largely unsubstantiated.
Cook was nominated as a Federal Reserve Governor in 2022 under President Joe Biden and is the first Black woman to hold this position. The central bank's governors can only be removed by the president 'for cause', with a full term running for 14 years.
Trump has clashed with the Federal Reserve over interest rates, repeatedly threatening to fire former Chair Jerome Powell for refusing to lower them to his desired levels.