Trump renews bid to fire Fed governor Lisa Cook despite supreme court ruling
Summary
President Donald Trump is trying again to remove Federal Reserve governor Lisa Cook over mortgage fraud claims, despite a Supreme Court ruling protecting her position. Cook was appointed in 2022 and has denied the allegations, which she says are based on paperwork mistakes.Key Facts
- President Trump sent Lisa Cook a letter stating he is considering removing her from the Federal Reserve due to mortgage fraud allegations.
- The Supreme Court decided in June, by a 5-4 vote, that Cook must stay on the Fed while disputing the claims.
- The Court ruled Trump did not follow proper legal procedures when he first tried to fire Cook last year.
- Cook’s lawyer says the accusations are baseless and that they will legally fight to keep her on the Fed.
- Cook was appointed by President Joe Biden in 2022 for a 14-year term until 2038.
- She is the first Black woman to serve as a Federal Reserve governor.
- The mortgage fraud claims involve Cook’s statements about her main homes and rental income, which she says were honest paperwork errors.
- The Federal Reserve is an independent body that sets US monetary policy, such as interest rates.
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