Controversy Surrounds Fed Governor Lisa Cook Amidst DOJ Probe

The U.S. Justice Department is investigating Federal Reserve Governor Lisa Cook. DOJ official Ed Martin urged Fed Chair Jerome Powell to remove Cook, citing allegations related to mortgages. Cook, the first Black woman on the Fed Board, intends to serve her term amidst a campaign against diversity under the Trump administration.

The U.S. Justice Department has launched an investigation into Federal Reserve Governor Lisa Cook, as reported by Bloomberg News. A top DOJ official informed Fed Chair Jerome Powell about the probe, suggesting Cook's removal from her position.

According to Bloomberg, Ed Martin from the Justice Department urged Powell to act swiftly to remove Cook, citing a cloud of allegations concerning her mortgage holdings. While the DOJ did not respond for comments, a Fed spokesperson highlighted Cook's resilience against what she perceives as pressures to resign.

Cook, who holds a 14-year term as the first Black woman on the Fed Board, has been targeted amidst Trump's campaign against diversity and his effort to exert influence over the central bank. As central bankers gather for the Kansas City Fed's Jackson Hole symposium, the focus remains on monetary policies amidst economic uncertainties.

(With inputs from agencies.)