Overview

• Trump posted a letter citing Article II and the Federal Reserve Act to order Cook’s immediate removal from the Board of Governors.
• FHFA Director Bill Pulte sent a Aug. 15 criminal referral alleging Cook claimed two properties as primary residences in 2021 to obtain better loan terms.
• The Justice Department is reviewing the referral, and reporting indicates a special attorney focused on mortgage cases is involved in examining the matter.
• Cook said she will not resign and is gathering accurate information to address questions about her financial history.
• Legal analysts say the dismissal is likely to face court challenges that could reach the Supreme Court, raising concerns about Fed independence and potentially opening another seat for Trump to fill.