White House revives unprecedented effort to remove Fed governor Lisa Cook
Summary
President Donald Trump has started a new process to remove Federal Reserve Governor Lisa Cook by formally notifying her and giving her 21 days to respond to mortgage fraud accusations. This action follows a Supreme Court ruling that blocked his previous removal attempt because Cook was not given proper notice or a chance to reply.Key Facts
- President Trump notified Fed Governor Lisa Cook about possible removal based on mortgage fraud claims.
- Cook has 21 days to respond before a final decision is made.
- The Supreme Court stopped an earlier attempt to fire Cook because she wasn’t properly informed or allowed to respond.
- The new letter is designed to meet the Court’s requirements for notice and response opportunity.
- The White House says the allegations justify removal and hurt public trust in the Federal Reserve.
- Cook’s lawyers say the allegations are false and that removing her would harm the Fed’s independence.
- This effort is unusual because Federal Reserve governors are rarely removed while still serving.
- The letter was signed by Dan Scavino, a longtime aide to President Trump.
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