Trump establishes committee to investigate Fed governor Lisa Cook

US President Donald Trump has established a committee to investigate Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. This move is significant as it marks Trump's renewed efforts to remove Cook from her position, despite a June Supreme Court ruling that her earlier firing was unconstitutional. The committee will consult with Justice Department officials to determine if there is "cause" for her removal, which could potentially lead to her ousting from the Fed. This development may impact market confidence in the US central bank's independence and stability.

Why it matters

The investigation may undermine the Fed's independence. It could also lead to changes in monetary policy decisions.

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