Trump tries again to fire Fed governor Lisa Cook, renewing battle over central bank independence

Key Points:

• The Supreme Court ruled 5-4 that Fed Governor Cook can remain in her position while her lawsuit challenging her firing by former President Trump proceeds, with Chief Justice Roberts noting Trump could attempt to fire her again with proper notice and opportunity to contest.
• Trump has indicated he plans to take “appropriate action immediately” to remove Cook, and a recent White House letter gave her until August 26 to respond to the firing attempt, citing the Court’s procedural requirements.
• The firing attempt stems from allegations of mortgage fraud related to Cook declaring two homes as her “primary residence” to obtain favorable mortgage terms, accusations she denies and attributes to political retaliation for her independent Fed decisions.
• Cook’s legal defense maintains she primarily lived in her Ann Arbor home since 2005, and the reference to the Atlanta condo as a “primary residence” was an isolated notation without intent to defraud, supported by prior documents labeling it as a vacation or second home.
• Her lawyer asserts the allegations are baseless and politically motivated, pledging to continue legal challenges to preserve Cook’s role and uphold the Federal Reserve’s independence.