Trump says he is firing Fed’s Cook

President Trump said late Monday he removed Federal Reserve Governor Lisa Cook from her post, following through on a threat to oust her if she refused to resign

The decision comes after members of his administration alleged Cook engaged in mortgage fraud related to the purchase of two properties earlier this decade.

“You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” the president wrote in a letter addressed to Cook and shared on social media.

“I have determined there is sufficient cause to remove you from your position.”

Trump said Cook made conflicting declarations about her primary residence, first claiming a Michigan property would serve as her main home, then signing a separate agreement two weeks later stating the same about a Georgia property.

He argued it was “inconceivable” she was unaware of the initial pledge and “impossible” she intended to honor both.

“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,” Trump wrote. “At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator.”

The move marks an unprecedented action, thrusting the Federal Reserve into uncharted territory and likely setting up a legal battle that could reach the Supreme Court. The central bank declined to comment to Yahoo Finance.

Cook responded and said Trump has no authority to fire her and that she would not quit. Cook’s lawyer, Abbe Lowell, said they plan to take “whatever actions are needed to prevent” Trump’s “illegal action.”

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement released by her attorney. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

The president has been pressing for Cook’s resignation since last week after a letter sent by Federal Housing Finance Agency head Bill Pulte urged Attorney General Pam Bondi to investigate Cook over this pair of mortgages.

Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates