President Trump has removed Federal Reserve Governor Lisa Cook from her position.
Citing the Federal Reserve Act, Trump wrote in a letter addressed to Cook, “You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.”
Describing contents of a letter sent by Director of the Federal Housing Finance Agency William J. Pulte to Attorney General Pam Bondi, Trump said there is “sufficient reason to believe that you made have made false statements on one or more mortgage agreements.”
“For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year. It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both,” Trump’s letter read, adding, “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.”
“I have determined that faithfully executing the law requires your immediate removal from office,” the president concluded.
Cook responded to Trump’s letter by asserting that the president “has no authority to do so.”
“I will not resign,” she added. “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Last week, Trump declared that Cook “must resign, now,” amid concerns with potential falsified bank documents.
