White House Renews Bid to Remove Fed Governor Over Mortgage Fraud Allegations

The White House has renewed its attempt to remove Federal Reserve Governor Lisa Cook from her position. The effort is based on allegations of mortgage fraud, which Cook denies.

A letter sent to Cook's attorney on August 5 states that there is 'sufficient reason to believe' she made false statements on one or more mortgage agreements. Cook has not been charged with a crime and was cleared by the Supreme Court in June to remain in her position. However, the Supreme Court ruling did not determine whether there was enough cause to remove Cook based on the fraud allegations.

Cook's attorneys say that the allegations are baseless and that 'there is no valid cause for removing Governor Cook.' The White House has been critical of the Fed under Cook's leadership, with President Trump saying that he thinks the board is 'very political.'