DOJ Official Presses Powell to Oust Fed Governor Cook Amid Mortgage Probe

A U.S. Justice Department official identified as Martin on Aug. 21 publicly urged Federal Reserve Chair Jerome Powell to remove Governor Lisa Cook from the central bank’s Board of Governors. Martin said he intends to open an investigation into Cook’s mortgage dealings and that an existing criminal referral concerning those matters “requires further examination.” The official did not provide additional details about the allegations or a timeline for the probe. A request from the Justice Department for the dismissal of a sitting Federal Reserve governor is highly unusual and raises questions about the next steps the Fed and Justice Department may take. Powell and Cook have not yet commented on the demand.