**President Trump’s renewed August 2026 effort to remove Federal Reserve Governor Lisa Cook centers on mortgage-fraud allegations first raised in 2025, with the administration providing formal notice and an opportunity to respond as required by the Supreme Court’s June 29, 2026 ruling.** In that 5-4 decision, the Court held that Cook had not received adequate pre-termination process under the Federal Reserve Act’s “for cause” standard and returned the matter to lower courts for further proceedings. Cook, whose term runs through 2038, has denied any wrongdoing and remains on the Board while litigation continues. On August 7, 2026, the White House sent Cook a letter stating that Trump was “considering” her removal and gave her until August 26 to contest the claims. This followed an earlier unsuccessful attempt in August 2025 and reflects the administration’s stated goal of addressing alleged misconduct to maintain public confidence in the central bank’s integrity. Traders are monitoring whether lower courts will uphold removal on the mortgage allegations, any new procedural steps, or further appeals that could affect the timing and outcome of any firing attempt. The case also tests the scope of presidential removal authority over independent agencies while preserving the Fed’s statutory protections.