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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Thailand and Cambodia have agreed to halt all shooting from Friday evening following renewed fighting along their shared border, U.S. President Donald Trump said on Friday.
China’s Ministry of Commerce announced on Friday that it will introduce a licensing system for steel exports starting in 2026, covering around 300 steel products.
Venezuela’s oil shipments have plunged following the United States’ seizure of a tanker earlier this week.
The Kremlin on Friday dismissed proposals for a ceasefire to allow a territorial referendum in Ukraine, describing any pause in hostilities as a tactical ploy rather than a genuine step toward ending the conflict.
Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
Kyiv has escalated its naval campaign against Moscow’s economic lifelines, claiming a successful strike on a vessel suspected of skirting international sanctions within the Black Sea.
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a period of prolonged political instability on the eve of the Black Sea nation's entry into the euro zone.
Türkiye’s Trade Minister Omer Bolat said Friday that discussions in Washington with U.S. officials have strengthened efforts to expand bilateral trade, moving closer to a $100 billion target.
Lebanon is prepared to demarcate its border with Syria, President Joseph Aoun said on Friday, while noting that the dispute over the Shebaa Farms could be addressed at a later stage.
Greek farmers blocked the Port of Thessaloniki on Friday as part of nationwide protests demanding delayed European Union subsidies and compensation for rising production costs and livestock losses.
Türkiye’s President Recep Tayyip Erdoğan and Pakistani Prime Minister Shahbaz Sharif held talks on Friday during the International Peace and Trust Forum in Ashgabat, Turkmenistan, focusing on bilateral relations as well as regional and global issues
ussian President Vladimir Putin described Moscow’s relations with Baghdad as historically strong and unbroken during a meeting with Iraqi President Abdul Latif Rashid in Turkmenistan.
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