President Trump has renewed his effort to remove Federal Reserve Governor Lisa Cook, with White House Deputy Chief of Staff Dan Scavino informing her on Aug. 5 that the president is considering her removal and giving her until Aug. 26 to respond to allegations of mortgage misconduct. Cook has denied wrongdoing and described the claims as politically motivated, setting up another confrontation over the limits of presidential power over the central bank. The allegations stem from claims that Cook listed multiple properties as primary residences to obtain more favorable mortgage terms. The issue first surfaced in August 2025, when Federal Housing Finance Agency Director William Pulte made criminal referrals to the Department of Justice. Trump previously moved to fire Cook in 2025, but the Supreme Court ruled 5-4 on June 29, 2026 that she could remain in her post while the case proceeded, emphasizing due process protections without settling the broader constitutional question of whether a Fed governor can be removed for cause. The dispute has become a broader test of Federal Reserve independence. Governors serve 14-year terms to shield monetary policy from short-term political pressure, and the for-cause standard has traditionally been understood to prevent removal over policy disagreements alone. Cook, nominated by President Biden and confirmed by the Senate on May 10, 2022 in a 51-50 vote with Vice President Harris breaking the tie, became the first Black woman to serve on the Fed's Board of Governors.