Trump Restarts Battle to Fire Sitting Fed Governor

Key Points:

• President Trump has renewed efforts to remove Federal Reserve Board Governor Lisa D. Cook, sending her a letter alleging mortgage fraud and giving her 21 days to respond to the claims.
• Ms. Cook, who has not been charged or convicted of any wrongdoing, was previously targeted by Trump last year, but the Supreme Court ruled she must be allowed to contest the allegations and continue serving her term until 2038.
• The Supreme Court did not clarify the legal standards for removing a Fed official “for cause,” leaving room for Trump to pursue further action despite longstanding interpretations requiring gross negligence or dereliction of duty.
• Ms. Cook’s lawyers have condemned the allegations as baseless and politically motivated, vowing to challenge any attempts to remove her and defend the Federal Reserve’s independence.
• The White House letter, signed by Deputy Chief of Staff Dan Scavino, asserts that Ms. Cook’s mortgage activities may constitute a crime due to potentially fraudulent loan terms, although no formal charges have been filed.