DOJ Urges Fed’s Powell to Remove Cook as Probe Gets Underway

The U.S. Department of Justice (DOJ) has informed Federal Reserve (Fed) Chair Jerome Powell of an investigation into Federal Reserve Governor Lisa Cook. In a letter, a top DOJ official urged Powell to consider removing Cook from the board as the probe gets underway. The letter does not provide details about the nature of the investigation or the allegations against Cook. However, the DOJ's involvement suggests that the probe may be related to potential misconduct or improper conduct during Cook's tenure as a Fed governor. The development comes as the Fed continues to navigate the challenges of high inflation and economic uncertainty. The potential investigation into one of its own board members could add to the scrutiny and pressure facing the central bank. The letter and the potential investigation highlight the complex relationship between the DOJ and the Federal Reserve, and the potential implications for the Fed's independence and decision-making processes.