Fed's Lisa Cook pushes back on Trump firing threat, says she "never committed mortgage fraud"

Live updates

1. 17d ago

   Fed's Lisa Cook pushes back on Trump firing threat

   Federal Reserve Governor Lisa Cook is pushing back against a threat from former President Donald Trump to fire her, saying she 'never committed mortgage fraud'. Cook's lawyer has also fired back at Trump, arguing there is no legitimate basis for her removal. The development is the latest in a saga that has raised concerns about the independence of the Federal Reserve.

   Why it matters

   The Federal Reserve's independence is a cornerstone of the US monetary system, and any attempts to politicize the institution could have significant implications for the economy. Cook was appointed by President Joe Biden in 2022 and has been a member of the Fed's Board of Governors since then. Trump has repeatedly criticized the Fed and its members, often questioning their impartiality.

   What is confirmed

   • Fed Governor Lisa Cook said she "never committed mortgage fraud".
   • Cook's lawyer argues there is no legitimate basis for her removal.
   • Trump has threatened to fire Cook over mortgage claims.

   Still unconfirmed

   • Trump is considering removing Cook.

   What to watch next

   • The White House's response to Cook's statement.
   • Any official action taken by Trump or the Fed regarding Cook's position.
   • The outcome of any potential investigation into Cook's actions.
   Sources used for this update (7)

   1. Reuters — As Cook case smolders, Trump has other paths to shape Fed policy team
   2. Axios — Fed governor Lisa Cook: "No legitimate basis for removal" on Trump mortgage claims
   3. CNBC — Fed Gov Lisa Cook’s lawyer fires back at Trump's renewed threat to oust her
   4. Bloomberg — Fed’s Cook Denies Wrongdoing as Trump Renews Bid to Fire Her
   5. CBS News — Fed's Lisa Cook pushes back on Trump firing threat, says she "never committed mortgage fraud"
   6. MS NOW — Lisa Cook fires back at White House, argues no legal basis for her removal
   7. SCOTUSblog — Fed Governor Lisa Cook responds to Trump administration’s letter stating that it is “considering” her removal
   confidence 90%