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.
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Bulgarian authorities have detained Igor Grechushkin, the Russian owner of a cargo ship linked to the ammonium nitrate at the heart of the 2020 Beirut port explosion, Lebanese judicial officials said.
Authorities have requested the arrest of five individuals in an investigation into Can Holding, a major business group.
The UK will deploy Royal Air Force Typhoon jets to Poland in response to Russian drone incursions, Prime Minister Keir Starmer announced on Monday.
U.S. military officers observed joint war games between Russia and Belarus on Monday for the first time since Moscow used Belarus as a launchpad to enter Ukraine, as U.S. President Donald Trump deepens ties with Moscow's closest ally.
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Bulgarian authorities have detained Igor Grechushkin, the Russian owner of a cargo ship linked to the ammonium nitrate at the heart of the 2020 Beirut port explosion, Lebanese judicial officials said.
Authorities have requested the arrest of five individuals in an investigation into Can Holding, a major business group.
The UK will deploy Royal Air Force Typhoon jets to Poland in response to Russian drone incursions, Prime Minister Keir Starmer announced on Monday.
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