Donald Trump renews effort to fire Federal Reserve governor Lisa Cook
Summary
President Donald Trump has resumed efforts to remove Federal Reserve Governor Lisa Cook, accusing her of mortgage fraud without conclusive proof. The Federal Reserve is an independent central bank, and firing a governor is rare and legally limited to cases with strong cause.Key Facts
- Lisa Cook is the first Black woman to serve as a Federal Reserve governor.
- President Trump sent Cook a letter threatening removal, citing alleged mortgage fraud.
- The allegations claim Cook listed two homes as primary residences to get better mortgage rates.
- No solid evidence has been found to prove Cook committed fraud.
- Federal Reserve governors serve 14-year terms and can only be removed “for cause.”
- Trump has pushed to lower interest rates, which remain high to control inflation.
- The US Supreme Court blocked Trump’s earlier attempt to fire Cook in June 2026.
- Cook’s legal team says there is no valid reason to remove her and will fight the effort.
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