Who be Lisa Cook and wetin di Federal Reserve governor dey accused of?

President Donald Trump don call for di removal of one of di governors of US central bank, one move wey don ginger di disagreement wey e get wit di institution for a while now.

Late on Monday, 25 August, Oga Trump post on im Truth Social account one letter wey e address to Lisa Cook, e say dem don remove her from di Federal Reserve Board of Governors sake of mortgage fraud allegations.

Dis move don make Democrats para, as dem say e amount to unprecedented political interference.

Who be Lisa Cook and wetin she dey do?

Trump predecessor, Democratic President Joe Biden appoint Ms Cook as governor of di Federal Reserve for 2022, wey make her become di first African American to serve for di role. Her term suppose end for 2038.

Bifor her appointment, she bin serve on Barack Obama Council of Economic Advisers and she work for di US Treasury.

Na seven governors dey on di board of di Fed and dem dey play key role in setting di monetary policy of di US.

Dem make up di majority of di committee wey dey decide di level of US interest rates and dem aim to keep prices stable and unemployment as low as possible.

Ms Cook bin vote in recent months to keep interest rates on hold dis year.

Wetin Trump accuse Lisa Cook of?

For im Truth Social post, di president bin cite allegations say Ms Cook fit don fake records to collect mortgage.

E tok say she sign two documents, two weeks apart, wey confam say two houses for different states na both her primary residence.

"E dey unbelievable say you no dey aware of your first commitment wen you dey make di second. E dey impossible say you get intention to honor both," e write.

CNN don obtain and review di mortgage documents in kwesion and discover say true-true she claim two primary residences but e no dey clear weda she inform either lender of the fact.

Ms Cook neva dey charged wit any wrongdoing and for inside one statement she bin tok say she bin tok say she go fight her dismissal bicos Trump no get just cause to fire her.

Wetin di Fed dey do?

As di central bank of America, na di Federal Reserve dey responsible for running di nation monetary policy, dem dey promote stability in di financial system, dey dey regulate institutions plus oda tasks.

One of di most visible work dem dey do na to set interest rates. Dis get big impact on di kontri financial conditions as e dey influence how much money pipo fit borrow.

Di Fed dey function as a federal agency and e dey considered to be independent within government – dia decisions no dey require di president approval, although dem dey accountable to Congress.

Trump go fit really fire her?

Dis question fit become di subject of an intense legal battle.

Di Federal Reserve Act no give di president license to remove a Fed official at will but, as Trump bin note for im letter to Ms Cook, say di act allow am to do so "for cause".

Trump cite one "criminal referral" against Cook – afta im ally, di housing finance regulator, bin recently call for di investigation of Ms Cook for mortgage fraud. But e neva dey clear if dem don open investigation, and Ms Cook neva dey charged wit any crime.

Ms Cook too don tok say no reason dey to sack her, legal experts dey divided on top dis mata.

Shan Wu, one former federal prosecutor, tell CNN: "As of right now, I think say e dey kind of questionable for cause, but obviously dat na wetin [Trump] dey rely on, and I go expect her to challenge am."

Market reaction to Trump move still dey slow so far - as investors, too, appear to dey sceptical and dem dey wait to see if di sacking go really to pass.

Why Trump want lower interest rates?

Trump don spend most of im second presidency putting pressure on di Fed, as e demand say make Powell cut interest rates to lower di cost of borrowing for American businesses and consumers. Di target range currently na 4.25 to 4.5%.

Central banks typically dey cut rates as part of effort to boost growth. But one balancing act dey, bicos higher interest rates dey help keep inflation in check. Tackling inflation na anoda Trump priority.

Lower rates fit also help US exporters and ease trade deficits na central plank of Trump economic policy.

Powell so far don continually refuse to reduce rates since Trump enta office, but dem bin hint say reduction go dey for September.