"The Department of Justice (DOJ) has reportedly opened a criminal investigation into Federal Reserve governor Lisa Cook, sparking accusations that the Trump administration is using DOJ to go after the president's adversaries. In August, President Donald Trump took the unprecedented move of attempting to fire Cook from the Federal Reserve Board, alleging that she had committed mortgage fraud. Cook, who is the first Black woman to serve on the Board,"
"No president has ever fired a member of the Federal Reserve Board, which was established more than 100 years ago and is instrumental in setting interest rates. During both his first and second presidential terms, Trump urged the Federal Reserve Board to cut interest rates, which requires a majority vote of the central bank's rate-setting 12-member committee, of which Cook is a member."
"Critics say the Trump administration is using DOJ and allegations of mortgage fraud to undermine and silence the president's critics. In August, U.S. Attorney General Pam Bondi appointed Trump loyalist Ed Martin to lead mortgage fraud investigations into Trump critics New York State Attorney General Letitia James and Senator Adam B. Schiff (D-California). The Times reports that DOJ's investigation into Cook's alleged mortgage fraud was "instigated" by Martin, who the paper describes as a "hyperpartisan Trump loyalist with little prosecutorial experience.""
The Department of Justice opened a criminal investigation into Federal Reserve Governor Lisa Cook over alleged mortgage fraud. President Donald Trump attempted to fire Cook from the Federal Reserve Board in August, asserting mortgage fraud allegations, and Cook refused to step down and sued, arguing the president lacks authority to remove her. No president has previously fired a Federal Reserve Board member. Trump has pressured the Fed to cut interest rates, where Cook is a voting member. Critics contend DOJ actions and appointed investigator Ed Martin reflect partisan efforts to target presidential critics.
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