Mr Pulte’s precise allegation is that Ms Cook took out two mortgages a fortnight apart—one for a house in Michigan and another for a flat in Atlanta—and claimed that both would be her main residence.

WASHINGTON (AP) — President Donald Trump’s vow to fire Lisa Cook, an economist who is the first Black woman to serve on the Federal Reserve’s board of governors, kicked off another tense debate and likely legal battle over a major institution’s independence.

The Congressional Black Caucus had harsh words for President Donald Trump in a statement supporting Federal Reserve Governor Lisa Cook. Last week, the Spelman College grad came under fire from the president in a social media post alleging that Cook committed mortgage fraud.

Wednesday on FBN’s “Mornings with Maria,” Treasury Secretary Scott Bessent discussed the Trump administration’s firing of Federal Reserve Governor Lisa Cook and its handling of the Federal Reserve in general.

Donald Trump, exercising a power he does not appear to have, tried to fire the Fed's Lisa Cook. It's clearly not going well.

The Fed’s board consists of seven governors, two of which were appointed during Trump’s first term. With Miran already nominated to fill the seat of Adriana Kugler following her resignation, a majority of the Board could be in favor of rate cuts, if Cook were also to be replaced.

Lisa Cook has announced legal action to block the President’s attempt to dismiss her, spotlighting why diverse voices are vital to the nation's financial health.