US President Donald Trump has renewed his effort to remove Federal Reserve Governor Lisa Cook, reigniting a major legal and political battle over presidential power and the independence of America's central bank.

The Trump administration is seeking Cook's removal over allegations involving mortgage documents from 2021, before she joined the Federal Reserve in 2022. Trump has accused Cook of mortgage fraud, while Cook denies wrongdoing and her lawyers have called the allegations baseless and politically motivated.

The Supreme Court previously ruled 5–4 that Cook could remain in her position while she challenges her removal, finding that she had not been given the required procedural protections. However, the ruling did not permanently prevent Trump from attempting to remove her again.

Chief Justice John Roberts indicated that the president could pursue removal if Cook received proper notice and an opportunity to respond. Cook's deadline to respond is August 26.

Trump Renews Effort to Fire Fed Governor Lisa Cook | Battle Over Federal Reserve Independence

Stephen Miran has played a pivotal role in shaping Trump’s economic strategy, particularly the administration’s controversial tariffs and tax cuts. He has long argued that the combination of these measures will stimulate growth while addressing budget deficits. 

Trump nominates Stephen Miran for Federal Reserve Board of Governors

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Trump Renews Effort to Fire Fed Governor Lisa Cook | Battle Over Federal Reserve Independence

Trump nominates Stephen Miran for Federal Reserve Board of Governors