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President Donald Trump fired Federal Reserve Gov. Lisa Cook on Monday over allegations of mortgage fraud.
In a letter from Trump to Cook shared on social media, the president claimed he had “sufficient cause” to dismiss her, referring to allegations of mortgage fraud.
“I have determined that there is sufficient cause to remove you from your position,” Trump wrote.
Cook, who was appointed by former President Joe Biden in 2022, faced accusations from Federal Housing Finance Agency head Bill Pulte that she had committed mortgage fraud by declaring two homes as her primary residences. The president vowed to remove her from her position if she refused to step down voluntarily.
“In his initial claims, Pulte presented images of signed documents that appeared to be from Cook, suggesting that they pertained to two separate primary homes, one located in Michigan, and another identified as an ‘Atlanta condo,’” according to the Hill.
Despite the president’s insistence, Cook declined to resign, asserting that she would not be “forced out of office over questions raised on social media.”
“As a member of the Federal Reserve, I intend to address any inquiries about my financial past with seriousness, and I am gathering accurate data to respond to legitimate questions and present the facts,” Cook stated.
In his letter, the president said that Cook’s alleged actions weaken Americans’ trust in the Federal Reserve.
“The Federal Reserve has a significant role in setting interest rates and overseeing banks,” Trump noted. “It’s crucial that the American public can fully trust the honesty of the members involved in policymaking and regulation of the Federal Reserve. Due to your dishonest and potentially criminal behavior concerning financial matters, they and I lack such trust in your integrity.”
