President Trump sent a letter on August 5 to Federal Reserve Governor Lisa Cook, informing her of his intent to remove her over allegations of mortgage fraud tied to property applications in Georgia and Michigan. Cook has 21 days to respond and has stated she has no plans to resign. This second removal attempt comes after the Supreme Court ruled on June 29, establishing procedural requirements before any Fed governor can be dismissed. The financial community is concerned about the implications for Federal Reserve independence, as governors are meant to serve 14-year terms without political interference.
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