U.S. President Donald Trump announced on Monday that he would remove Federal Reserve governor Lisa Cook from her position on the Federal Reserve Board of Directors. The announcement was made via Trump’s social media platform, Truth Social, where he shared a letter addressed to Cook. In the letter, he accused her of entering into “deceitful and potentially criminal” mortgage agreements.
Cook has not publicly commented on her dismissal, nor has the Federal Reserve provided any official response. Recently, Trump has been vocal about his dissatisfaction with the Federal Reserve’s policies, particularly regarding its chair, Jerome Powell, and its approach to interest rates. He has suggested the possibility of removing Powell from his position as well.
In the letter, Trump highlighted two documents signed by Cook: one indicating that a property in Michigan would serve as her primary residence for the coming year, and another signed two weeks later for a Georgia property claiming it as her primary residence. Trump expressed incredulity that Cook was unaware of her initial commitment when signing the second document.
Last week, following accusations of mortgage fraud from the head of the Housing Finance Agency, Cook stated that she had “no intention of being bullied to step down” and was working to gather accurate information to address any legitimate questions.
Cook made history as the first African American woman to serve on the Federal Reserve Board, having been appointed to the position in 2022.
Source: https://www.bbc.com/news/articles/cx275n8gx0ro?at_medium=RSS&at_campaign=rss