Fed Governor Cook incurred $1.3m in fees after Trump firing attempt
7 reported
Federal Reserve governor Lisa Cook faced more than $1.3 million in legal and security fees after coming under attack from the Trump administration, according to ethics disclosures filed Wednesday. The White House targeted Cook last summer as Donald Trump ramped up his campaign to push the Fed to cut interest rates. Bill Pulte, director of the Federal Housing Finance Agency, accused Cook of mortgage fraud on social media, alleging she misled lenders by listing a second home as her primary residence. Cook denied the accusations, saying the administration was “cherrypicking” discrepancies for political reasons. Trump fired Cook from her role on the Federal Open Market Committee, but a federal court temporarily reinstated her. Her firing is now before the US Supreme Court, which has yet to rule on its legality. Two non-profit organizations reimbursed Cook for more than $1 million in legal and security services.
What’s reported
Lisa Cook faced more than $1.3 million in legal and security fees after coming under attack from the Trump administration, per ethics disclosures filed Wednesday.
Bill Pulte, director of the Federal Housing Finance Agency, accused Cook of mortgage fraud on social media.
Cook was appointed by Joe Biden in 2022, becoming the first Black woman to serve on the FOMC; her term ends in 2038.
Trump fired Cook from her FOMC role; a federal court temporarily reinstated her.
The Supreme Court has yet to rule on whether the firing was legal; a hearing in January showed justices skeptical over the brusque manner of the firing.
Two non-profits, State Democracy Defenders Fund and Contina Impact, reimbursed Cook for more than $1 million for legal and security services.
The Supreme Court case will test the Fed’s independence from the White House; a decision is expected before the end of June.
Key figures
Lisa Cook, Federal Reserve governor
Bill Pulte, director of the Federal Housing Finance Agency
Donald Trump, former president
Joe Biden, former president
Kevin Warsh, Trump’s pick for Fed chair
Sources: The Guardian
