Trump Tries—Yet Again—to Fire Fed Governor Lisa Cook

President Donald Trump has attempted once more to remove Federal Reserve Governor Lisa Cook, despite previous accusations being proven false and the Supreme Court rejecting his efforts in June. A recently created committee will hold a hearing at the White House two days following the November midterm elections, demanding Cook's testimony in an effort to oust her.

This marks the first time a president has sought to fire a member of the Fed's board since its establishment as an independent entity. Trump claims this investigation is necessary to ensure the laws are faithfully executed and that subordinates are trustworthy and law-abiding. The saga began a year ago when Trump loyalist Bill Pulte, head of the Federal Housing Finance Agency, made false allegations of mortgage fraud against Cook and other Democrats.

Pulte's claims were based on screenshots of Cook's mortgage applications, sparking questions about the misuse of his position to gather private housing loan information on political opponents. However, further examination revealed the alleged fraud was likely a clerical error, and a subsequent investigation by the Government Accountability Office and the FHFA's inspector general found evidence of Pulte's misconduct.

Cook sued to prevent her removal, and two courts blocked her dismissal. Trump appealed to the Supreme Court, which ruled his attempts to fire Cook were unlawful. Nonetheless, Trump remains intent on attempting to remove Cook again, driven by economic dissatisfaction and the recent rate hike by his Fed appointee, Kevin Warsh, ahead of the midterms.