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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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 3rd of February, covering the latest developments you need to know.
The U.S. and Israeli air war against Iran widened on Monday, with no end in sight as Israel attacked Lebanon in response to strikes by Hezbollah and Iran kept up its attacks on Gulf states that host U.S. military bases.
Iran and its proxies could target the U.S. with attacks in response to the Saturday killing of Iranian Supreme Leader Ali Khamenei by Israeli and U.S. strikes, according to a U.S. intelligence assessment reviewed by Reuters.
The U.S. embassy in Riyadh was hit by two drones resulting in a limited fire and some material damage, the kingdom's defence ministry said in a post on X on Tuesday, citing an initial assessment.
Follow the latest developments and global reaction after the U.S. and Israel launched “major combat operations” in Iran, prompting retaliation from Tehran.
Saudi Arabia’s state oil giant Saudi Aramco closed its Ras Tanura refinery on Monday following an Iranian drone strike, an industry source told Reuters as Tehran retaliated across the Gulf after a U.S.-Israeli attack on Iranian targets over the weekend.
The Kremlin is utilising the recent United States and Israeli military strikes on Iran to validate its ongoing war in Ukraine. Russian officials are pointing to the escalation in the Middle East as evidence that Western nations do not adhere to international rules.
The Middle East crisis intensifies after the deadly attack on the compound of the Supreme Leader of Iran Ali Khamenei on Saturday that killed him, other family members and senior figures. Iran has launched retaliatory strikes on U.S. targets in the region.
Ayatollah Alireza Arafi has moved into a pivotal constitutional role following the death of Supreme Leader Ayatollah Ali Khamenei, becoming the clerical member of Iran’s temporary leadership council under Article 111 of the Constitution of the Islamic Republic of Iran.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 3rd of February, covering the latest developments you need to know.
Canadian Prime Minister Mark Carney arrived in Australia on Tuesday (3 March), aiming to bolster relations between the two so-called "middle powers" amid what he has called a "rupture" in world order.
Former U.S. President Bill Clinton told lawmakers that President Donald Trump told him he had "some great times" with convicted sex offender Jeffrey Epstein before their relationship soured, according to a video released on Monday (2 March).
The U.S.-Iran crisis has entered its third day, with further strikes reported across the Middle East and the death toll rising. Oil prices have surged to levels last seen during the Covid-19 pandemic, raising fears of economic disruption and higher prices worldwide.
The UK said it's allowing the U.S. to use its bases for defensive strikes against Iran amid escalating missile attacks, after a suspected drone strike hit a British airbase in southern Cyprus, causing limited damage.
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