The White House formally notified Cook of her potential removal, giving her 21 days to respond to mortgage fraud allegations after the Supreme Court set procedural ground rules. President Trump is taking another run at removing Federal Reserve Governor Lisa Cook, this time armed with a formal process the Supreme Court essentially drew up for him. The White House claims these applications contain fraudulent information. Why Fed independence matters hereThe Federal Reserve was deliberately structured to operate with a degree of independence from the White House. If Trump successfully removes Cook, every future president would have a roadmap for ousting Fed governors they find inconvenient.