Federal Reserve Governor Lisa Cook has declared her intention to remain in her position, despite President Donald Trump’s attempts to dismiss her over purported mortgage fraud.
“President Trump has tried to terminate me ‘for cause’ when there is no legal basis for such action, and he lacks the authority to do so,” Cook stated in a message obtained by sources.
“I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022,” she continued.
Trump announced on Monday his decision to remove Cook following claims made by Bill Pulte, a Trump supporter and leader of the Federal Housing Finance Agency, alleging that Cook engaged in fraud by declaring two primary residences.
“I have determined that there is adequate cause to remove you from your position,” Trump wrote in a letter to Cook, which he shared on social media Monday.
The president holds the power to dismiss Federal Reserve Board of Governors members for cause, but there is uncertainty about whether the accusations against Cook meet that threshold.
Cook was appointed by former President Joe Biden and has retained prominent Washington, D.C., attorney Abbe Lowell to represent her.
“President Trump has utilized social media to ‘fire by tweet’ once again; his tendency to intimidate is misguided, lacking any legitimate process, rationale, or legal authority. We will pursue necessary measures to obstruct his unlawful attempt,” said Lowell in another statement.
partner The Hill contributed to this report.
