President Trump Fires Fed Governor Lisa Cook

In a letter posted on Truth Social, President Donald Trump said he removed Federal Reserve Governor Lisa Cook from her position "effective immediately."

In the letter, President Trump wrote that he was acting under the authority granted by Article II of the Constitution and the Federal Reserve Act of 1913. He stated that the law permits a governor to be removed "for cause" and claimed that sufficient grounds existed to dismiss the Fed Governor. As justification, he cited a "Criminal Referral" from Federal Housing Finance Agency Director William Pulte, who accused Ms. Cook of making false statements on mortgage documents.

The Fed responded: "Congress, through the Federal Reserve Act, directs that governors serve in long, fixed terms and may be removed by the president only ‘for cause.’ As always, the Federal Reserve will abide by any court decision."