Fed governor Cook’s lawyer denounces Trump’s latest attempt to remove her

Federal Reserve Governor Lisa Cook's legal team has dismissed President Donald Trump's latest attempt to remove her from her position, questioning the impartiality of the White House's investigation into allegations of mortgage fraud against her. In a letter obtained by Reuters, Cook's lawyer, Abbe Lowell, argued that a committee comprised of members with a history of bias towards her would undermine the appearance of independence in any potential hearing.

Trump has been attempting to remove Cook for over a year in a bid to gain more control over the central bank, which he claims is not lowering interest rates for political reasons. Cook denies any wrongdoing and has filed a lawsuit to retain her position. The White House previously announced a fresh inquiry and appointed a three-person committee to hold a hearing, with Trump stating he would proceed with her firing if the committee recommended it.

However, Cook's legal team pointed out that a fair hearing would demonstrate the lack of legal basis for her dismissal. They also noted that Cook would not be able to attend the hearing scheduled for November 5, as she would be attending financial and monetary policy meetings in Europe at that time. The earliest she could attend the hearing would be after the Federal Reserve's policy meeting scheduled for December 8-9.

A Supreme Court ruling earlier this year barred Trump from firing a Fed governor at will, emphasizing the need for the Fed to maintain both factual and perceived political independence. Despite this ruling, the White House appears to be pursuing a path toward removing Cook by following the outlined procedure. The Federal Reserve had raised its policy rate in September and is expected to do so again during its final meeting of the year.