Trump opens new bid to remove Fed Governor Lisa Cook
Why it matters: The move could trigger another court fight over how far a president can reach into the Federal Reserve.
President Donald Trump has formally begun a new effort to remove Federal Reserve Gov. Lisa Cook, reviving a dispute over the central bank’s independence after a recent Supreme Court ruling. The White House notified Cook this week that Trump is considering her removal and gave her three weeks to answer allegations tied to mortgage fraud. The June 5-4 Supreme Court decision did not rule on those allegations, but said Cook must get notice and a chance to respond before any for-cause removal. ABC News reported the letter was signed by Deputy Chief of Staff Dan Scavino and framed the allegations as “gross negligence.” Cook’s lawyer, Abbe Lowell, called the claims baseless and argued Trump is again trying to interfere with the Fed.