U.S. President Donald Trump announced on Monday that he had removed Federal Reserve Governor Lisa Cook from her position, citing allegations of mortgage fraud.
In a letter shared via his social media platform Truth Social, Trump wrote to Cook: “You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.” He said there was “sufficient cause” for her dismissal, pointing to claims that Cook signed conflicting mortgage documents for properties in Michigan and Georgia.
Trump emphasised that the American public must be able to trust the integrity of those setting policy at the Federal Reserve. “In light of your deceitful and potentially criminal conduct in a financial matter, they cannot, and I do not, have confidence in your integrity,” he stated.
This marks the first time a president has attempted to remove a sitting Fed governor. Cook’s dismissal could be challenged in federal court, with the legality of her termination potentially decided by the Supreme Court.
Cook, who was nominated to the Fed’s Board of Governors by former President Joe Biden in 2022, has previously denied any wrongdoing and said she had “no intention of being bullied into stepping down.”
The move comes as Trump seeks to consolidate influence over the Fed. If the Senate confirms Stephen Miran, nominated to fill a vacant board seat, and Cook’s replacement is approved, Trump would hold a 4-3 majority among the governors, giving him significant sway over the central bank’s monetary policy decisions.
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