61 h. ago Trump admin opens criminal mortgage fraud probe into Fed governor Lisa Cook

The US Justice Department has launched a criminal mortgage fraud probe into Federal Reserve Governor Lisa Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter. The investigation, which followed a criminal referral from Federal Housing Finance Agency Director Bill Pulte, is being conducted by Ed Martin, who was tapped by Attorney General Pam Bondi as a special assistant US attorney to assist with...

Politics

6 d. ago Lagarde warns Trump’s Fed meddling poses ‘serious danger’ to world economy

The US Federal Reserve losing its independence would pose a “serious danger” to the world, according to European Central Bank (ECB) President Christine Lagarde. But Lagarde told Radio Classique in an interview on Monday that US President Donald Trump would find it “very difficult” to take control of the US central bank, citing legal precedents that prevent the removal of Fed governors. “If he did manage to do so, I think it would pose a very serious threat to the US economy and the global...

Events

9 d. ago Trump sued by Fed Governor over removal, sparking independence fight

Federal Reserve Governor Lisa Cook filed a lawsuit on Thursday claiming US President Donald Trump has no power to remove her from office, setting up a legal battle that could reset long-established norms for the US central bank’s independence. Cook’s lawsuit said Trump violated a federal law allowing him to remove a Fed governor only “for cause” when the Republican president took the unprecedented step on August 25 of announcing he would fire her. Trump has accused Cook of committing mortgage...

Politics

1 week ago US Fed governor Lisa Cook to sue Trump, saying he cannot legally fire her

US Federal Reserve Governor Lisa Cook’s lawyer said she will launch a court challenge against US President Donald Trump’s effort to fire her. A member of Trump’s administration filed a referral to the Justice Department over allegations involving mortgages Cook obtained in Georgia and Michigan. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” lawyer Abbe Lowell said in a statement emailed to reporters. “His attempt to fire her, based solely on a referral letter,...

Politics

1 week ago Fed governor will sue to keep her job as Trump mulls replacement

Federal Reserve Governor Lisa Cook will file a lawsuit to prevent US President Donald Trump from firing her, a lawyer for the embattled central bank official said on Tuesday, kicking off what could be a protracted legal fight over the White House’s effort to shape US monetary policy. “His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” Cook’s lawyer, prominent Washington lawyer Abbe Lowell,...

Politics

1 week ago Trump sacks Fed Governor Lisa Cook over mortgage fraud allegations

President Donald Trump moved to remove Federal Reserve Governor Lisa Cook from her post at the US central bank in the wake of allegations that she falsified documents on mortgage applications. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve,” Trump said in a letter he posted to Truth Social. “In light of your deceitful and possibly criminal conduct in a financial matter, they cannot and I do...

Politics

2 w. ago Facing Trump pressure, US Fed chair hints at rate cut, but offers no timeline

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy. In a high-profile speech that will be closely watched at the White House and on Wall Street, Powell said that there are risks of both rising unemployment and stubbornly higher inflation....

Politics