financetom
Economy
financetom
/
Economy
/
US DOJ to probe Fed's Cook, urging removal, Bloomberg News reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US DOJ to probe Fed's Cook, urging removal, Bloomberg News reports
Aug 21, 2025 9:20 AM

(Reuters) -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 from the board, Bloomberg News reported on Thursday.

A letter to Powell from Ed Martin, a Justice Department official who has led similar investigations into Senator Adam Schiff of California and New York Attorney General Letitia James, said Cook's case "requires further examination," Bloomberg reported. 

"At this time, I encourage you to remove Ms. Cook from your Board," Martin wrote. "Do it today before it is too late! After all, no American thinks it is appropriate that she serve during this time with a cloud hanging over her."

Asked about the report, a Fed spokesperson referred to Cook's statement on Wednesday, when she said she had no intention of resigning after President Donald Trump called for her to step down on the basis of allegations made by a member of his administration about mortgages she holds in Michigan and Georgia, intensifying Trump's effort to gain influence over the U.S. central bank.

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

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wary of US investors, Greenland lawmakers push to pass foreign investment screening law
Wary of US investors, Greenland lawmakers push to pass foreign investment screening law
Mar 11, 2026
* Trump's Greenland ambitions shift focus of investment screening bill * Lawmakers fear US investors may have hidden political motives * Greenland curbed foreign housing investments following surge in US interest * Lawmakers need to balance need for foreign capital and blocking unwanted investors By Jacob Gronholt-Pedersen COPENHAGEN, Feb 26 (Reuters) - A surge in property interest from U.S. buyers...
Supreme Court tariff ruling makes over $175 billion in US revenue subject to refunds, Penn-Wharton estimates
Supreme Court tariff ruling makes over $175 billion in US revenue subject to refunds, Penn-Wharton estimates
Mar 11, 2026
WASHINGTON, Feb 20 (Reuters) - More than $175 billion in U.S. tariff collections are subject to potential refunds after the U.S. Supreme Court on Friday struck down President Donald Trump's broad emergency tariffs, Penn-Wharton Budget Model economists said. Their estimate, produced at Reuters' request, was derived from a ground-up forecasting model that uses tariff rates by product and country for...
Fed's Logan is 'cautiously optimistic' inflation will continue to wane 
Fed's Logan is 'cautiously optimistic' inflation will continue to wane 
Mar 11, 2026
NEW YORK, Feb 20 (Reuters) - Federal Reserve Bank of Dallas President Lorie Logan said ​Friday that monetary policy ‌is well positioned to deal with the ⁠risks facing the economy, as ⁠she continues to have ‌worries ‌that inflation will not retreat to the ​Fed's 2% target ‌quickly enough. Logan said she was cautiously optimistic that given ​where monetary ​policy ‌stands...
US pending home sales unexpectedly fall in January
US pending home sales unexpectedly fall in January
Mar 11, 2026
WASHINGTON, Feb 19 (Reuters) - Contracts to purchase previously owned U.S. homes unexpectedly fell in ​January, with realtors blaming ‌low housing inventory. The pending home sales index ⁠dropped 0.8% last month to ⁠70.9, the National Association ‌of Realtors ‌said on Thursday. Economists polled by ​Reuters had forecast ‌contracts, which become sales after a month or two, ​rising 1.3%. Contracts ​fell...
Copyright 2023-2026 - www.financetom.com All Rights Reserved