White House Threatens to Oust Federal Reserve Governor Over Mortgage Allegations

The White House has threatened to fire Federal Reserve Governor Lisa Cook over allegations of making false statements on two mortgage applications in Georgia.

Cook is accused of improperly claiming that two different properties were her primary residence in order to pay lower interest rates, a claim she denies.

The White House sent a letter to Cook informing her that the President is considering removing her from her position and directing her to respond to the allegations in writing by August 26th. This comes after the Supreme Court recently determined that Cook is entitled to notice of the allegations against her and an opportunity to respond prior to her removal.

Cook's lawyer, Abbe Lowell, stated that the allegations are 'baseless' and that there is no valid cause for removing Governor Cook from her position.