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

Key Points:

• President Donald Trump is formally moving to remove Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud, following a Supreme Court ruling that limits presidential removal powers but allows removal "for cause" with due process.
• The White House sent Cook a letter demanding a response to the allegations within three weeks, citing "gross negligence," though Cook denies any wrongdoing and has not been charged with a crime.
• The Supreme Court's 5-4 decision upheld the Federal Reserve's independence and procedural protections for its members, requiring notice and opportunity to respond before removal, but left open the possibility for Trump to pursue removal based on the allegations.
• Cook's attorney condemned the removal attempt as baseless and politically motivated, pledging to challenge the effort to protect the Fed's independence and Cook's position.
• The allegations originate from referrals by Bill Pulte, a Trump ally and federal housing official, and have sparked an ongoing legal battle over the limits of presidential authority and the Federal Reserve's autonomy from political pressure.