Trump Launches New Investigation into Fed Gov. Lisa Cook Over Mortgage Fraud Allegations

President Donald Trump has taken another step in his prolonged effort to remove Lisa Cook from the Federal Reserve Board of Governors. This time, he seeks establish the "for cause" basis that the Supreme Court said was lacking in his initial attempt to terminate her.In a memo to Attorney General Todd Blanche on Friday, Trump directed the AG to establish an investigative committee to investigate allegations that Cook committed mortgage fraud. However, Cook’s lawyers have doubts about the legitimacy of the process.Cook, a Biden appointee and one of the 12 voting members of the rate-setting Federal Open Market Committee, was publicly accused of mortgage fraud last year by Federal Housing Finance Agency Director Bill Pulte, a close Trump ally, although no criminal charges have been filed in the matter. After Trump attempted to remove her from the Fed’s board by fiat, she sued for wrongful termination.In June, the Supreme Court denied Trump's attempt to dismiss Cook, with the 5-4 opinion highlighting the Fed's historic independence from the White House in enacting monetary policy, which impacts mortgage rates.Justice Brett Kavanaugh, a Trump appointee, in a concurring opinion cited “the...