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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European leaders gathered in Dublin on Thursday, 12 November, for the ninth European Political Community (EPC) summit, with security, defence and energy high on the agenda. Azerbaijani President Ilham Aliyev held talks focused on peace, trade and regional cooperation.
UN Secretary-General António Guterres delivered a stark warning at this year's COP31 summit, saying the climate crisis iss advancing faster than governments' efforts to contain it.
Iran will not let a single particle of its enriched nuclear material leave the country, and any new U.S. attack would be met with strikes on distant American bases, Iranian security chief Mohsen Rezaei has said.
Nvidia chief executive Jensen Huang is stepping down amid reports linking him to a woman suspected by U.S. authorities of spying for China, throwing the future of the $4 trillion chipmaker into uncertainty.
Four million workers across Spain joined a general strike on Wednesday over the country’s deepening housing crisis, unions said, bringing disruption to factories, ports, shops and public transport just weeks before a snap general election.
Spain’s parliament has approved a government package aimed at easing the country’s housing crisis, a day after workers staged the first general strike in 14 years over soaring housing costs.
Here's your AnewZ Technology Daily Brief for the 13th of November. This week, a Microsoft outage hit Australian agencies, Google restricted mapping data in South Korea, a lawsuit targeted advanced AI development, and Nvidia faced a leadership crisis after Jensen Huang's resignation.
Microsoft struggled to restore its services on Friday after a major outage disrupted Outlook, Teams and Copilot across the United States and Asia-Pacific region.
President Vladimir Putin agreed on Thursday to let European representatives join the next round of Ukraine peace talks while the United States continues to work towards what could become the largest prisoner exchange of the Russia-Ukraine war.
Azerbaijan and the UK have pledged to strengthen defence, trade and education cooperation after signing a joint declaration elevating relations to a strategic level in Dublin, Ireland on Thursday (12 November).
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