President Trump sent a letter to Federal Reserve Governor Lisa Cook on August 5, 2026, giving her 21 days to respond to mortgage fraud allegations before a final decision on her future at the Fed is made. This marks the second attempt to remove a sitting Fed governor in American history, the first having been blocked by lower courts in 2025. The Supreme Court ruled in Cook’s favor on June 29, 2026, with a 5-4 decision requiring the administration to provide formal notification and a meaningful chance to respond before any dismissal. The allegations concern the misrepresentation of two properties as primary residences on mortgage documents signed in 2021, which would have qualified her for more favorable loan terms. Cook denies the allegations and no criminal charges have been filed.
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