"United States Treasury Secretary Scott Bessent agreed to occupy two different houses at the same time as his principal residence, an agreement similar to the one US President Donald Trump has called mortgage fraud in his effort to fire Fed Governor Lisa Cook. The story, first reported by the Bloomberg news service on Wednesday, cites Bessent's mortgages with lender Bank of America and his pledge in 2007 to primarily occupy homes in New York and Massachusetts."
"Mortgage experts told Bloomberg there was no sign of wrongdoing or proof of fraud in Bessent's home-loan filings and said the issue highlights incongruities found in such documents. Bank of America did not rely on Bessent's pledges and never expected him to occupy both homes as his primary residences, Bloomberg reported, citing the mortgage documents. Representatives for Bessent did not immediately respond to a request for comment."
"Congress included provisions in the 1913 law that created the Fed to shield the central bank from political interference. Under that law, Fed governors may be removed by a president only for cause, though the law does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court."
Treasury Secretary Scott Bessent agreed in 2007 to list two houses as his principal residences for mortgages, one in New York and one in Massachusetts. Mortgage experts found no sign of wrongdoing or proof of fraud in his home-loan filings and said such documents can contain incongruities. Bank of America did not rely on Bessent's pledges and never expected him to occupy both homes as primary residences. Republicans, including President Trump, have cited similar occupancy pledges in efforts to remove Fed Governor Lisa Cook, who denies fraud. Federal law allows removal of Fed governors only for cause; courts and procedures remain untested.
Read at www.aljazeera.com
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