Trump escalates efforts to remove Fed’s Lisa Cook, lawyers respond

Lisa Cook: Lisa Cook serves as a member of the Board of Governors of the Federal Reserve System. Her attorneys have stated that any proper review of the allegations against her would demonstrate there is no legal basis for her removal from the position. Donald Trump: Donald Trump is the President of the United States. He is escalating his long-running campaign to remove Federal Reserve Governor Lisa Cook by forming a White House committee of inquiry into allegations of false statements on mortgage applications and scheduling a closed hearing for her to respond. Legal Precedent: A June Supreme Court ruling addressed procedural requirements for removal attempts, requiring notice and an opportunity to respond before any dismissal could proceed. Ongoing Dispute: The current White House action follows earlier court blocks on prior removal attempts and involves a new committee of administration officials tasked with investigating the allegations and recommending whether cause exists for removal. Federal Reserve Independence: No president had attempted to remove a sitting Federal Reserve governor in the more than century-long history of the central bank prior to these efforts.