Cook argues Trump administration has no legal basis to remove her from Federal Reserve board

Federal Reserve Governor Lisa Cook is resisting an attempt by the Trump administration to remove her from the central bank's Board of Governors. According to her lawyers, President Trump has no legal basis to fire her. The effort to oust Cook is reportedly part of a broader attempt to influence the Fed's monetary policy decisions.

The allegations against Cook centre on claims of mortgage fraud, which she and her lawyers have consistently denied. The accusations were first made by Federal Housing Finance Agency Director William Pulte over a year ago and have been repeated by Trump. However, Cook's lawyers argue that the allegations are unfounded and untrue. They also point out that Trump and some of his cabinet officials have signed similar mortgage paperwork.

This is not the first time Trump has tried to remove Cook; a previous attempt was blocked by a Supreme Court ruling in June. The court found that Trump had failed to give Cook notice and a chance to answer the allegations. If successful, removing Cook would allow Trump to install a replacement who is sympathetic to his views on interest rates. No US president has removed a sitting Fed governor in the central bank's 113-year history.

Brief written by urgent.news from The Hill, Jerusalem Post, Al Jazeera, Free Malaysia Today, The Business Times - Companies & Markets — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.