Trump revives Lisa Cook firing effort over mortgage allegations

The White House has reopened the dispute over a possible Trump Lisa Cook firing, telling the Federal Reserve governor it is considering removing her over allegations involving mortgage paperwork. For investors following the Fed’s governance, the immediate takeaway is narrow: Cook has not been removed, and the legal status of any new action has not been decided.

According to CNBC, White House aide Dan Scavino wrote to Cook in a letter dated Wednesday that there was sufficient reason to believe she had made false statements on one or more mortgage agreements. The White House’s position is an allegation, not a court finding.

Cook has denied the accusations. Her lawyer, Abbe Lowell, told the Financial Times that the allegations were “baseless.”

Can Trump fire Fed Governor Lisa Cook?

That question remains unresolved. Trump tried to remove Cook in 2025, and Cook challenged the move in court. CNBC reported that a federal court blocked the removal while her lawsuit was pending. In a 5-4 decision in late June, the Supreme Court left that block in place.

CNBC also reported that Chief Justice John Roberts said the June decision did not prevent Trump from making another attempt based on the mortgage allegations. That does not establish that a renewed effort would succeed. The reporting does not show that Cook has been fired, that a court has ruled on the new letter, or that the underlying allegations have been proven.

The renewed correspondence appears to concern the same basic claims cited in the earlier effort. The Financial Times reported that housing official Bill Pulte had presented documents that appeared to show Cook claimed primary-residence status for two properties. Separately, The Indiana Lawyer reported that Pulte was a Trump appointee to the agency that regulates Fannie Mae and Freddie Mac.

That report also said Cook described a condominium as a vacation home in a loan estimate and as a second home on a security-clearance form. Those descriptions were reported as potentially undercutting the administration’s allegations; they do not resolve the matter.

Is Lisa Cook still serving at the Fed?

The available official evidence indicates that she was still performing her duties shortly before the new White House letter was reported. The Federal Reserve listed a speech by Governor Cook dated Aug. 5, two days before CNBC’s Aug. 7 report on the renewed effort.

Cook is one of the Federal Reserve Board’s governors. The Fed says the Federal Open Market Committee has 12 members, including the seven Board of Governors members, and holds eight regularly scheduled meetings a year. The dispute therefore concerns a sitting official at the central bank, while the factual and legal questions surrounding her possible removal remain pending.

This story draws on original reporting from CNBC.