President says there was 'sufficient cause' to oust Cook, citing mortgage fraud allegations
US President Donald Trump announced Monday that he has removed Federal Reserve Governor Lisa Cook from her position, citing allegations of mortgage fraud.
In a letter shared on the US social media company Truth Social, which he owns, Trump told Cook “you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.”
He said there was “sufficient cause” for her dismissal, pointing to a criminal referral that alleged Cook signed conflicting mortgage documents for properties in Michigan and Georgia.
“It is inconceivable that you were not aware of your first commitment when making the second,” Trump wrote.
“The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity,” he added.
The move came after Trump warned Cook last week that he would dismiss her if she did not step down.
Cook, who was nominated to the Fed's Board of Governors by former President Joe Biden in 2022, has previously denied any wrongdoing and said she has “no intention of being bullied to step down.”
The allegations surfaced after Federal Housing Finance Agency chief Bill Pulte, a vocal critic of Fed Chair Jerome Powell, accused her of mortgage fraud and referred the matter to the Justice Department.
