President Donald Trump is moving forward with a second attempt to remove Federal Reserve Governor Lisa Cook from her position. This new action comes roughly one month after the Supreme Court blocked a previous effort, citing the Federal Reserve’s role as an independent agency.
The White House issued a letter to Cook this week regarding the matter. The administration claims that the president is reviewing her status over allegations of mortgage fraud. These claims were previously introduced last summer.
Cook now has a specific window to respond to these allegations. The White House directed her to submit any evidence or arguments by August 26, giving her a 21-day timeline to address the request.
This move represents the latest development in a long-standing tension between the administration and the central bank. Legal scholars and market analysts are watching the situation to see if the administration can overcome the recent Supreme Court ruling regarding the limits of executive power over independent agencies.