U.S. President Donald Trump fired Federal Reserve Governor Lisa Cook on Monday, citing alleged mortgage fraud. It's the first-ever effort to remove a governor and could face a court challenge.
Trump announced the dismissal in a letter shared on Truth Social, claiming Cook had “sufficient cause” due to documents from 2021 showing she indicated separate properties in Michigan and Georgia were both primary residences.
“It is inconceivable that you were not aware of your first commitment when making the second,” Trump wrote.
“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,” he added.
Cook, nominated by former President Joe Biden in 2022 as the first African-American woman on the Fed board, denied any wrongdoing.
Through her lawyer Abbe Lowell, she said Trump “has no authority” to remove her and would continue fulfilling her duties.
The controversy emerged after Federal Housing Finance Agency director William Pulte flagged the mortgage documents and referred the matter to the Justice Department.
Trump had warned Cook she would be dismissed if she did not resign voluntarily.
Analysts note that Cook’s removal would allow Trump to nominate a fourth governor. This could potentially reshape the Fed board alongside current members Governor Christopher Waller and the pending nomination of Council of Economic Advisers chief Stephen Miran.
Kazakh President Kassym-Jomart Tokayev will visit the People’s Republic of China from 30 August to 3 September, following an official invitation fro...
Almaty has been experiencing persistently high levels of air pollution over the past decade. According to monitoring data, in nine out of ten years be...
The Tawila Cisterns, a network of ancient water reservoirs carved into Shamsan mountain, have been included in the Arab Architectural and Urban Herita...
France's minority government looks increasingly likely to be ousted next month after three main opposition parties said they would not back a confiden...
The Al-Shifa Hospital, the largest medical facility in Gaza, is rapidly running out of medical supplies due to a prolonged Israeli blockade, plunging ...
Kazakh President Kassym-Jomart Tokayev will visit the People’s Republic of China from 30 August to 3 September, following an official invitation from Chinese President Xi Jinping, the Akorda presidential administration reports.
Almaty has been experiencing persistently high levels of air pollution over the past decade. According to monitoring data, in nine out of ten years between 2015 and 2024, the city's air quality was classified as high for pollution.
The Tawila Cisterns, a network of ancient water reservoirs carved into Shamsan mountain, have been included in the Arab Architectural and Urban Heritage list by the Arab League Educational, Cultural, and Scientific Organization (ALECSO).
France's minority government looks increasingly likely to be ousted next month after three main opposition parties said they would not back a confidence vote which Prime Minister Francois Bayrou announced for 8 September over his plans for sweeping €44 billion budget cuts.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
Kazakh President Kassym-Jomart Tokayev will visit the People’s Republic of China from 30 August to 3 September, following an official invitation from Chinese President Xi Jinping, the Akorda presidential administration reports.
Almaty has been experiencing persistently high levels of air pollution over the past decade. According to monitoring data, in nine out of ten years between 2015 and 2024, the city's air quality was classified as high for pollution.
France's minority government looks increasingly likely to be ousted next month after three main opposition parties said they would not back a confidence vote which Prime Minister Francois Bayrou announced for 8 September over his plans for sweeping €44 billion budget cuts.
The Al-Shifa Hospital, the largest medical facility in Gaza, is rapidly running out of medical supplies due to a prolonged Israeli blockade, plunging patients, including those injured in Israel's continued onslaught, into a dire situation.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 26th of August, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment