Federal Reserve Governor Lisa Cook faces renewed removal effort by White House

The White House has renewed efforts to remove Federal Reserve Governor Lisa Cook from the central bank's board, citing allegations of mortgage fraud. Following a June Supreme Court decision that blocked a previous attempt to fire Cook due to a lack of procedural protections, the administration is now attempting to provide the required notice and opportunity to respond.

In a letter dated August 5, White House Deputy Chief of Staff Dan Scavino detailed allegations that Cook made false statements on mortgage agreements related to properties in Michigan and Georgia prior to her 2021 nomination. Cook has denied any wrongdoing and has not been charged with a crime. Her attorneys have stated they will challenge the move, calling the allegations baseless and an attempt to interfere with the independence of the Federal Reserve.

National Economic Council Director Kevin Hassett stated that while the President has the authority to fire a governor if cause is established through due process, he ruled out the possibility of being appointed to replace Cook. Hassett characterized the dispute as a law enforcement matter that should be resolved through legal channels.