Federal Reserve’s Lisa Cook faces renewed scrutiny from lawmakers over mortgage allegations

The White House is taking another run at ousting Federal Reserve Governor Lisa Cook. On August 5, White House Deputy Chief of Staff Dan Scavino informed Cook that President Trump is considering her removal from the Board of Governors, giving her until August 26 to respond to allegations of mortgage misconduct. The allegations and their origins The case against Cook centers on claims that she listed multiple properties as primary residences to secure more favorable mortgage terms. The allegations first surfaced in August 2025, brought forward by Federal Housing Finance Agency Director William Pulte. Pulte made criminal referrals regarding Cook’s conduct to the Department of Justice. Cook has consistently denied any wrongdoing, calling the claims politically motivated. Round one: the Supreme Court intervenes The Trump administration initially moved to fire her in 2025, a decision Cook challenged in court. The legal fight climbed all the way to the Supreme Court, which ruled 5-4 on June 29, 2026 that Cook could remain in her position while the litigation played out. The ruling emphasized the importance of due process and procedural protections for Fed governors. It did not resolve the...