President Trump moved to fire Federal Reserve governor Lisa Cook on Monday, escalating his campaign to exert more control over the central bank.
In a social media post, Trump said he was dismissing Cook in response to allegations from a Trump ally that she had made false statements on a mortgage application. It's Trump's latest attack on the Fed as he tries to pressure the central bank to lower interest rates more quickly.
Cook said in a statement Trump has no authority to fire her, and she vowed to continue serving. Her attorney, Abbe Lowell, said he would be filing a lawsuit to challenge Cook's dismissal.
Under federal law designed to insulate the central bank from political pressure, Fed governors can only be removed for cause.
"The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve," Trump wrote in a letter addressed to Cook. "In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity."
Earlier this month, Bill Pulte, a Trump loyalist who oversees the mortgage giants Fannie Mae and Freddie Mac, accused Cook of mortgage fraud, citing two home loans she obtained weeks apart in 2021, before joining the Federal Reserve. The two properties were in Michigan and Georgia. Pulte said Cook had represented that each property would be used as her primary residence — a declaration that often results...
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