Trump informed Federal Reserve Governor Lisa Cook on Monday that she had been removed from her position, citing allegations of mortgage fraud. “Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote to Cook in a letter.
Trump pointed to allegations made by Federal Housing Finance Agency Director Bill Pulte, who claimed that Cook listed two different properties as her primary residence within weeks of purchasing each with mortgage financing.
For her part, Cook remained defiant. “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 responding to Trump’s letter. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Cook, who has not been charged with any crime, has retained attorney Abbe Lowell to represent her. Lowell is a veteran defense lawyer with decades of experience handling cases for high-profile political figures, including former President Bill Clinton, former Sen. Bob Menendez (D-N.J.), and Hunter Biden.
