For cause.
Basis Points
The White House has given Federal Reserve governor Lisa Cook three weeks to answer unproven mortgage-fraud allegations, in a letter signed by deputy chief of staff Dan Scavino. The 5 August letter says the President is considering removing her and notes the alleged offence is "punishable by up to 30 years in prison." Fed governors serve 14-year terms and can be removed only "for cause"; the Supreme Court blocked an earlier removal attempt in June, and Cook's lawyer Abbe Lowell says "there is no valid cause."