President Donald Trump called for Cook to step down on the basis of allegations made by a member of his administration about mortgages she holds in Michigan and Georgia.

The Federal Reserve Act provides no authority for a Fed chair to remove another member of the Board of Governors.

Cook, the first Black woman to be a Fed governor, is serving a 14-year term that began after her second Senate confirmation in 2023.

JACKSON HOLE, Wyoming - The U.S. Justice Department plans to investigate Federal Reserve Governor Lisa Cook, with a top official informing Federal Reserve Chair Jerome Powell of the probe and encouraging him to remove her, Bloomberg News reported on Thursday.

A letter to Powell from Ed Martin, a Justice Department official who has led similar investigations into U.S. Sen. Adam

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