Trump renews effort to oust Fed Governor Lisa Cook

President Donald Trump is making a new attempt to remove Federal Reserve Governor Lisa Cook, marking a potential unprecedented move in the institution's history. The White House has formally notified Cook that the president is considering her dismissal, a step that would be the first time a sitting president has sought to remove a Fed board member since the institution's founding in 1913.

Cook, who is also the first Black woman to serve on the Federal Reserve's board of governors, has been given three weeks to respond to allegations of mortgage fraud. The notification, detailed in a letter obtained by Reuters, signals a significant challenge to Cook's position within the central bank.

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The president is considering her dismissal.

The move by Trump has drawn attention due to its potential implications for the independence of the Federal Reserve. Critics often emphasize the importance of the Fed's autonomy from political influence to ensure stable economic policy. Cook's tenure and the president's attempt to remove her are likely to fuel ongoing debates about political interference in monetary policy.

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She is asked to respond within three weeks to allegations of mortgage fraud.