Fed Governor Lisa Cook gets sacked by Trump for allegations of mortgage fraud
(MENAFN)
US President Donald Trump announced on Monday that he has removed Federal Reserve Governor Lisa Cook from her position, citing allegations of mortgage fraud.
US President Donald Trump announced on Monday that he has removed Federal Reserve Governor Lisa Cook from her position, citing allegations of mortgage fraud.
In a letter posted on the social media platform Truth Social, which he owns, Trump told Cook, “you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.” He cited “sufficient cause” for her dismissal, referencing a criminal referral that claimed Cook signed conflicting mortgage documents for properties in Michigan and Georgia.
“It is inconceivable that you were not aware of your first commitment when making the second,” Trump wrote. He added, “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. 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.”
The removal followed a warning Trump issued last week, telling Cook she would be dismissed if she did not resign voluntarily. Cook, nominated to the Fed’s Board of Governors by former President Joe Biden in 2022, has denied any wrongdoing and stated she has “no intention of being bullied to step down.”
The allegations came to light after Federal Housing Finance Agency chief Bill Pulte, a critic of Fed Chair Jerome Powell, accused Cook of mortgage fraud and referred the matter to the Justice Department.
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