In a bold move, President Trump announced the firing of Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. Cook, the first Black woman on the board, plans to challenge the action through a lawsuit. Trump’s attempt to oust her has raised concerns about political interference in the central bank.

Cook, appointed by President Biden in 2022, faced opposition from Senate Republicans but was confirmed with a tie-breaking vote from then-Vice President Kamala Harris. Her appointment runs through January 2038, making her the first Black woman to serve as a Fed Governor.

Before joining the Fed, Cook taught economics and international relations at Michigan State University and Harvard. Her research focuses on racial violence’s impact on African-American innovation. She held roles in the Obama, Clinton, and Bush administrations, highlighting her experience in economics and finance.

Trump’s administration accuses Cook of mortgage fraud, claiming she misrepresented primary residences for better mortgage terms. The allegations raise questions about due process, as Cook plans to challenge the removal through a lawsuit. Critics see this move as an attempt by Trump to exert control over the Fed.

Federal Housing Finance Agency head Bill Pulte, a Trump appointee, has targeted multiple officials with mortgage fraud claims. Pulte’s actions, including accusations against Cook and others who clashed with Trump, have raised concerns about selective prosecution. The politicization of mortgage fraud allegations adds to the controversy surrounding Cook’s removal.

Read more at Yahoo Finance: What to know about Lisa Cook, the Fed Governor who Trump says he’s firing