Lisa Cook faces an attempted removal by President Trump who claims to have fired her "for cause" citing alleged mortgage fraud; Cook's attorney plans to file a lawsuit challenging that action. Bill Pulte, who oversees Fannie Mae and Freddie Mac, accused Cook of applying for home loans on two properties in different states weeks apart in 2021 while claiming each as her primary residence. Trump has dismissed the threat of a lawsuit and signaled he has a replacement in mind for the Fed board. The episode raises concerns about Fed independence amid presidential pressure to lower interest rates. Pulte has also accused other officials, and the Department of Justice is investigating. The Democratic National Committee is concluding a summer meeting where leadership urged prioritizing electoral victories amid difficult prospects for 2026 midterms.
Federal Reserve Governor Lisa Cook's attorney plans to file a lawsuit as soon as today, challenging President Trump's attempt to fire her. The president claims to have fired her "for cause," citing allegations of mortgage fraud. Cook says no "cause" exists under the law, and he has no authority to move to fire her. Trump's claim follows an accusation by Bill Pulte, who oversees the mortgage giants Fannie Mae and Freddie Mac.
Pulte has accused Cook of applying for home loans on two properties in different states just weeks apart in 2021, each time stating they would be her primary residence. Trump has dismissed the threat of a lawsuit and stated he already has someone in mind to fill Cook's spot on the Fed's board of governors, NPR's Tamara Keith tells Up First.
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