RESOLVING THE LEDGER
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The Trump administration has launched a new effort to remove Federal Reserve Gov. Lisa Cook , notifying her that President Trump is considering her removal and giving her 21 days to respond to mortgage fraud allegations in a letter obtained by Axios.
Why it matters: The Supreme Court this year blocked Trump's first attempt to remove Cook, finding that the Fed official was not given notice or a chance to respond.
The new letter seeks to satisfy those requirements in what remains an unprecedented effort to fire a sitting Federal Reserve governor.
News of the letter, dated Wednesday, was first reported by ABC News.
Driving the news: The letter revives the same mortgage-fraud allegations that formed the basis of Trump's earlier effort to remove Cook.
The White House says in the letter that the alleged conduct constitutes "cause" for her removal and "undermines public confidence" in the Federal Reserve.
The letter says Trump is considering removing Cook and gives her until Aug. 26 to respond before any final decision is made.
The letter also says the notice is being provided "pursuant to the Supreme Court's opinion" — a direct response to the justices' decision blocking Trump's earlier attempt to fire her without notice and an opportunity to respond.
"You have known since at least August 25, 2025, about these allegations. Yet, even though it has been over 10 months, you have never provided an explanation for this serious misconduct, despite having ample opportunity to do so," the letter, signed by longtime Trump aide Dan Scavino, says.
The other side: "These allegations are as baseless now as they were a year ago when President Trump tried to remove Governor Cook and interfere with the independence of the Federal Reserve," Abbe Lowell and Norm Eisen, lawyers for Cook, said in a statement.
"No matter what President Trump tries to do next, this much is clear under the facts and Supreme Court precedent — there is no valid cause for removing Governor Cook," they added. "As we did before, we will challenge this latest pretext and preserve her position and the historic role of the Fed."
Read the letter below:
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