The Trump administration wants the authority to fire Lisa Cook, a Federal Reserve governor. Experts say that would undermine the independence of the central bank.

At issue are President Trump's efforts to break with 112 years of law and precedent by firing Lisa Cook, a member of the Federal Reserve's governing board.

The Justice Department has subpoenaed the Fed over Chair Jerome Powell's testimony over the central bank's headquarters renovation. Powell calls it part of a pressure campaign over interest rates.

The attorney generals say the Trump administration is refusing to accept funding for the Consumer Financial Protection Bureau, which could hurt consumers in their states.

The Supreme Court has temporarily blocked President Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that critics say would have compromised the central bank's independence

The Senate voted Monday to confirm Stephen Miran to the Federal Reserve Board. Miran, who has served in both Trump administrations, has said he will not resign from the White House but take a leave of absence, further stoking concerns about its independence.

Fed Gov. Lisa Cook referred to a condo she bought in 2021 as a "vacation home" in a loan estimate, which could undermine claims by the Trump administration that she committed mortgage fraud.

Rates saw the biggest one-week drop in a year, spurring a spike in new purchase and refinance applications.

The White House insists President Donald Trump “lawfully removed” Federal Reserve Gov. Lisa Cook despite a Tuesday court ruling she can remain in her position while she fights efforts to fire her. 

The Justice Department has issued subpoenas as part of an investigation into mortgage fraud allegations against Lisa Cook, who is fighting a Trump administration effort to remove her from her role as a Federal Reserve Governor. 

Lisa Cook is challenging the president's attempt to remove her from office based on what she says is "an unsubstantiated allegation" of mortgage fraud prior to her Senate confirmation as governor.

Trump has threatened to fire Fed Chair Jerome Powell, challenging the Fed's independence. Experts say he's not the first president to target the central bank, but he's the most public and aggressive.

President Trump visited the Federal Reserve to inspect an ongoing renovation and disagreed with the Fed chair about the project's final cost in an extraordinary moment.

President Trump seemed willing to allow Jerome Powell to complete his term as chair of the Federal Reserve — at least for now. His comment comes as he and his administration continue to attack Powell.

Former president of the Federal Reserve Bank of Cleveland Loretta Mester says it's important that the Fed stays independent and that fiscal politics should not interfere with monetary policy makers and their decisions.