After Supreme Court Loss, Trump Tries Again to Oust Cook

President Trump is testing the Supreme Court's boundaries on Federal Reserve independence again. ABC News reports he has formally begun a new attempt to oust Lisa Cook from the Federal Reserve's Board of Governors, accusing her of "gross negligence" tied to unproven mortgage-fraud claims that have never led to criminal charges. In a 5-4 ruling in June, the court blocked Trump's earlier attempt to fire Cook, saying she must first be given notice and a chance to respond before any "for cause" removal.

This time, the White House sent Cook a letter, signed by Dan Scavino, White House deputy chief of staff, giving her three weeks to answer the original allegations, per the New York Times. Cook and her lawyer called the accusations politically motivated and pledged to fight what could become a key test of how much power presidents have over the central bank. "These allegations are as baseless now as they were a year ago," Cook's lawyers said in a statement.