Overview

• Cook and her attorney, Abbe Lowell, argue the president lacks authority to oust a Senate-confirmed governor absent valid legal cause.
• FHFA Director Bill Pulte sent a referral to the Justice Department alleging Cook misrepresented primary residence status on mortgages in Ann Arbor and Atlanta, but she has not been charged.
• White House economic adviser Kevin Hassett urged Cook to take leave and defended the view that a president can remove a Fed governor for cause.
• The Federal Reserve said it will continue its work and will abide by any court ruling on Cook’s status.
• If Cook is replaced, Trump would move closer to holding a majority on the seven-member board, increasing his potential influence over monetary policy.