Summary
Former President Donald Trump wants to remove Lisa Cook from her role as a governor of the Federal Reserve Board, citing alleged mortgage fraud. Lisa Cook was appointed in 2022 by President Biden and is the first African American woman in the role. She denies the allegations and plans to challenge the dismissal.
Key Facts
- Lisa Cook was appointed as a Federal Reserve governor in 2022 by President Biden.
- She is accused of falsifying mortgage documents, but she has not been charged with a crime.
- There are questions about whether Trump can legally remove Cook, as the Federal Reserve Act allows firing only "for cause."
- The Fed, or Federal Reserve, sets U.S. interest rates, which affect borrowing costs.
- Cook has voted to keep interest rates steady in recent months.
- Trump has previously pressured the Fed to lower rates to make borrowing cheaper.
- Legal experts are skeptical about the validity of Trump's dismissal action against Cook.
