President Trump is escalating his effort to oust embattled Federal Reserve Governor Lisa Cook over allegations of mortgage fraud.
Trump announced his administrations has established a committee to investigate Lisa Cook.
“By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby establish a committee of inquiry (Committee) to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments. The Assistant to the President for Economic Policy, the Chairman of the Equal Employment Opportunity Commission, and the Director of the Office of Government Ethics shall serve as members of the Committee,” Trump said in a memorandum.
In August, President Trump renewed efforts to fire Federal Reserve Governor Lisa Cook after the Supreme Court ruled she could keep her job.
In June, the US Supreme Court said President Trump cannot fire Federal Reserve Governor Lisa Cook.
The high court, in a 5-4 vote, ruled that Trump cannot remove Cook.
Chief Justice Roberts wrote the majority opinion.
“To accept any of those arguments would in effect transform the Federal Reserve’s for-cause protection into at-will employment,” Roberts wrote.
DOJ Solicitor General John Sauer, in his petition to the Supreme Court, said the lower courts have interfered with the President’s authority to remove members of the Federal Reserve Board of Governors for cause.
Lisa Cook apparently owns three properties, and she allegedly committed mortgage fraud on all three properties.
According to housing regulator Bill Pulte’s first criminal referral, Lisa Cook committed mortgage fraud by lying on her mortgage application and falsifying bank statements when she designated her out-of-state Atlanta condo as her “primary residence”—just two weeks after taking a loan on her Michigan home, which she also claimed as her “primary residence.”
Last August, Pulte sent a second criminal referral on Lisa Cook after she was allegedly caught lying about a third property.
Lisa Cook’s attorneys laughably claimed there would be an inflation crisis if Trump were allowed to fire Cook.
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