politics
Trump renews bid to fire Fed governor Lisa Cook despite supreme court ruling
White House continues to target Cook despite decision from justices that upheld Federal Reserve’s independence
TL;DR
- Donald Trump is attempting to remove Federal Reserve governor Lisa Cook over allegations of mortgage fraud.
- A recent US Supreme Court decision upheld the central bank’s independence and stated Cook was entitled to procedural protections.
- Trump's White House sent Cook a letter indicating he was considering her removal based on the same claims.
- Cook's lawyers, including Abbe Lowell, call the allegations baseless and a pretext to interfere with the Fed's independence.
- Cook was appointed by Joe Biden in 2022 and is the first Black woman to serve as a Fed governor.
- Trump previously fired Cook last August, accusing her of errors related to her primary residence designation and rental income reporting.
- Cook and her team maintain the claims stem from 'inadvertent' paperwork errors.
- The situation coincided with Trump's criticism of the Fed for not lowering interest rates.