President Trump sends a letter to Fed Governor Lisa Cook, citing "false mortgage statements" as ground for removal from her role at the central bank.

Washington

President Trump has announced the immediate dismissal of Federal Reserve Governor Lisa Cook, citing sufficient evidence that Cook may have made false statements on mortgage agreements. The Department of Justice is investigating these allegations following a referral from the director of the Federal Housing Finance Agency, an ally of the president. Trump stated that he was removing Cook for cause, as required by law for dismissing a Fed Governor.

Lisa Cook has denied any wrongdoing and asserted that the president lacks the authority to fire her, vowing to continue her duties at the Fed. If Trump succeeds in appointing a replacement and another nominee is confirmed, his appointees would gain a majority on the Fed's board. The move has drawn criticism from Democratic lawmakers, while some Republicans have expressed support. The situation has contributed to market uncertainty.

Trump says he is firing Fed Governor Lisa Cook

Good morning, everyone. Our top story this Tuesday morning. President Trump says he is firing Fed Governor Lisa Cook from her position at the central bank effective immediately. In a letter posted on his Truth Social account, Trump said there was sufficient evidence to believe Cook may have made false statements on mortgage agreements, allegations that the Department of Justice is investigating after a referral from the director of the Federal Housing Finance Agency, a close ally of the president, and vocal favorite. The president said he was removing Cook for cause, the only way he can fire a Fed Governor member under the laws governing the institution. In a statement, Lisa Cook said no cause exists under the law, and Trump has no authority to fire her. She vowed to continue to carry out her duties at the Fed, saying she will not resign from her position. If President Trump succeeds in his attempt to remove Cook and appoint a replacement, and Stephen Mirren is confirmed by the Senate to fill the vacancy left by Adrienne Kugler, Trump appointees would hold a 4-3 majority on the Fed's board. The board has the power to approve or reject the appointment of regional Fed presidents, with all of those up for renewal in February. Democratic lawmakers have criticized the president's move, with Senate Banking Committee ranking member Elizabeth Warren describing it as an authoritarian power grab, saying it must be overturned in court. While Republican Senator Rick Scott said Trump was doing the right thing to restore trust in the Fed and hold people accountable. So thinking about this story, it's important to get a check on how U.S. futures are moving at this hour as well. No doubt that the Fed narrative is an important one for the markets today. At this hour, we do see just a little bit of pressure for U.S. markets. Let's see what's going to happen later in the session as well.

After allowing National Guard troops in Washington to carry weapons, U.S. President Donald Trump discussed plans to expand the use of the military in cities across the country.

Trump looks to expand military use in U.S. after arming troops in D.C.

Billionaire entrepreneur Elon Musk’s artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in U.S. federal court in Texas, accusing them of illegally conspiring to thwart competition for artificial intelligence.

Texas

Rise of AI

Elon Musk's xAI sues Apple, OpenAI over competition claims

Strikes on the Nasser hospital in Gaza that left at least 20 people dead, including rescuers, journalists and health-care workers are being met with global outrage. The Israeli military is investigating what Israel Prime Minister Benjamin Netnayahu called a ‘tragic mishap.’

Middle East Conflict

Israeli PM calls deadly strikes on Gaza hospital a ‘tragic mishap’

Kilmar Abrego Garcia is back in ICE custody and is facing deportation to Uganda, the Department of Homeland Security says, after he was released from criminal custody last week.

Baltimore

Abrego Garcia in ICE custody, court blocks immediate deportation

Ukrainian President Volodymyr Zelenskyy said he will meet with the U.S. and other countries this week to discuss a potential meeting with Russian President Vladimir Putin aimed at reaching a ceasefire.

Kyiv

Ukraine Invasion

Zelenskiy say he will meet with U.S., others on potential Putin talks

U.S. President Donald Trump says Chicago could be the next city to see National Guard deployment, sparking strong opposition from Mayor Brandon Johnson and Governor JB Pritzker, who argue crime is already falling and federal intervention is unnecessary.

Chicago

Trump threatens to send National Guard troops to Chicago

Four journalists working with Reuters, Al Jazeera and others were killed in explosions at a Gaza hospital. Gaza officials blame Israeli drone strikes, though CBS News has not independently verified the claims.

Jerusalem

Four journalists reported dead after Gaza hospital blasts

U.S. National Guard troops patrolling the streets of Washington D.C. as part of what President Donald Trump said was his crackdown on crime began carrying weapons on Sunday night, two officials said.

National Guard patrolling Washington DC begin carrying weapons

In a visit to Kyiv, Prime Minister Mark Carney affirmed Canada’s support for Ukraine and committed to sending soldiers if a ceasefire with Russia is reached.

Carney in Kyiv pledges support, possibly troops for Ukraine

The Pickett Fire is growing in California's Napa County, prompting new evacuations as it threatens homes and wineries. The flames, fueled by scorching temperatures and dry conditions, are being battled by hundreds of first responders.

Napa Valley

Evacuations ordered in California as heatwave fuels wildfire

Democrats are pushing back against President Trump's plan to send the National Guard to more cities, including Chicago, New York and Baltimore, as troops continue to patrol Washington, D.C. State and local leaders say they have crime under control.

Democrats slam Trump's plans to send National Guard to more cities

Beef prices are at record highs with the average price of a pound of ground beef topping $6. Lisa Rozner reports on what's causing prices to soar.

Why U.S beef prices are soaring

A defiant Ukraine marked its independence from the former Soviet Union Sunday amid more fighting with Russia. Chris Livesay reports on how world leaders joined in, voicing their support.

Ukraine marks its Independence Day as war with Russia continues

The boats are produced by unknown Turkish companies and are then sent disassembled in multiple shipments to avoid suspicion in what authorities say is for the sole purpose of trafficking migrants across the English Channel.

Sofia

Inflatable boats used for migrant trafficking seized

Less than 24 hours after he was released from jail, Kilmar Ábrego García was told that U.S. immigration officials plan to deport him to Uganda. The Salvadoran national, who has been living illegally in the U.S. since about 2011, was wrongly deported to his home country earlier this year.

Maryland

Kilmar Abrego Garcia told he may be sent to Uganda

Erik and Lyle Menendez remain behind bars, their hopes for release dashed by two separate parole boards more than three decades after murdering their parents. Elise Preston reports.

Los Angeles

Erik and Lyle Menendez denied parole

Tourism in Las Vegas is slumping this summer, costing the city billions. That could signal trouble ahead for the U.S. economy. Andres Gutierrez has new details.

Las Vegas

Las Vegas tourism slumps this summer, signaling trouble for U.S. economy

Texas Republicans took a victory lap after an early morning vote Saturday that sought to give their party an edge during the 2026 midterms. Democrats in Texas plan to challenge the legality of the new congressional map, saying it dilutes the power of minorities.

Austin

Texas Republicans take victory lap after redistricting vote

Israel has called the United Nations' declaration of famine in parts of Gaza an "outright lie," but multiple U.N. bodies, more than 100 humanitarian groups, and several of Israel's own allies have warned for months that the war is causing starvation among civilians.

Tel Aviv-Yafo

Israel denies U.N.'s declaration of famine in parts of Gaza

U.S. President Donald Trump says he will impose sanctions on Russia if it fails to reach a peace deal in Ukraine within two weeks. But Ukrainian President Volodymyr Zelenskyy says Russia’s ongoing attacks on his country show that President Vladimir Putin is not interested in peace.

Putin’s not interested in peace talks, Zelenskyy says

Lyle Menendez was denied parole late Friday night following a day-long hearing in California, just one day after his brother Erik's parole appeal was also rejected. The brothers have been in prison since 1996 for killing their parents in what they say was an act of self-defense.

Both Menendez brothers denied parole

At least five people are dead and dozens are injured after a tour bus traveling from Niagara Falls flipped over on the New York State Thruway near Pembroke, New York.

Pembroke

Western New York bus crash kills at least five people

Federal agents searched former Trump adviser-turned-critic John Bolton's home on Friday morning. President Donald Trump denied knowing about the investigation, which is related to his handling of classified documents.

Bethesda

FBI raids former Trump adviser John Bolton's home, office

The FBI searched former national security adviser John Bolton's house in Bethesda, Maryland, early Friday morning, the bureau confirmed to CBS News.

FBI raids former Trump adviser John Bolton's home, D.C. office

Kilmar Abrego Garcia, the Maryland construction worker deported to El Salvador and then returned to the U.S. on smuggling charges, has been released from prison in Tennessee, his attorneys say.

Nashville

Kilmar Abrego Garcia released from jail in Tennessee

A bus with more than 50 people on board rolled over in New York and several deaths are being reported, officials confirm. CBS News' Jericka Duncan reports.

Tour bus crash in New York causes 'several fatalities'

Attorneys general in 14 states and Washington, D.C., accuse TikTok of designing its app to keep users hooked. Court-released edited video shows some company staff discussing the toll it can take on children and teens.

TikTok faces lawsuits over mental health risks

A parole board rejected Erik Menendez's request for release, saying he has not shown proper remorse for killing his parents 36 years ago. His brother, Lyle Menendez, faces his own hearing today (August 22).

Breakdown