White House revives unprecedented effort to remove Fed governor Lisa Cook

In a surprising turn of events, the Trump administration has initiated another attempt to remove Federal Reserve Governor Lisa Cook, this time providing her with a 21-day window to respond to mortgage fraud allegations. Axios obtained a letter from the White House, dated Wednesday, informing Cook of the administration's intention to pursue her removal. The letter echoes the mortgage-fraud allegations that were at the center of the administration's earlier efforts to oust Cook.

The White House claims that the alleged conduct amounts to "cause" for Cook's removal and threatens public confidence in the Federal Reserve. In the letter, signed by Trump's longtime aide Dan Scavino, the administration asserts that it is acting in accordance with the Supreme Court's recent decision, which blocked the first attempt to remove Cook due to the lack of proper notice and opportunity to respond.

Critics, including Cook's lawyers Abbe Lowell and Norm Eisen, vehemently dispute the allegations, stating that they remain as baseless as they were a year ago when the previous effort to remove Cook took place. The lawyers argue that there is no valid cause for Cook's removal, emphasizing that the facts and Supreme Court precedent do not support the administration's claims.

Cook's legal team plans to challenge the latest attempt to remove her, vowing to preserve her position and the Federal Reserve's historic role of independence.