Trump moving forward with attempt to fire Lisa Cook after SCOTUS setback: Sources

Key Points:

• President Donald Trump is moving forward with efforts to remove Federal Reserve Governor Lisa Cook over unproven mortgage fraud allegations, initiating a process that could trigger a new legal battle over the Fed's independence.
• The White House notified Cook that Trump is "considering" her removal and demanded a response within three weeks, following a June Supreme Court ruling that upheld limits on presidential removal of Fed members but allowed due process.
• Cook, who denies any wrongdoing and has never been charged, was previously confirmed by a tied Senate vote broken by then-Vice President Kamala Harris; her attorneys call the allegations baseless and vow to challenge any removal attempt.
• The allegations originate from referrals by Bill Pulte, a Trump ally and FHFA director, who has targeted several of Trump's critics; the DOJ also investigated Cook based on these claims but courts have so far blocked her firing.
• The Supreme Court's narrow 5-4 decision emphasized the Fed's structural independence and stated any changes to removal protections must come from Congress, leaving the ultimate decision on Cook's removal contingent on factual findings yet to be made.