President Donald Trump announced on Monday night that he is removing Federal Reserve Governor Lisa Cook immediately from her post, according to a letter he posted to Truth Social.
Trump claimed there was “sufficient evidence” that Cook made false statements in mortgage agreements in a referral made by Trump’s Federal Housing Finance Agency to the Department of Justice.
“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote.
“At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator,” the letter said.
In response, Cook released a statement saying Trump “has no authority” to fire her and that she will “continue to carry out my duties.”
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. 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 said.
Cook’s attorney, Abbe Lowell, said in a statement that Trump’s “reflex to bully is flawed and his demands lack any proper process, basis or legal authority.”
The news comes after Trump called for Cook’s resignation last week on the same day that the director of the Federal Housing Finance Agency, posted on X part of an Aug. 15 letter sent to U.S. Attorney General Pam Bondi accusing Cook of falsifying bank documents and property records.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in the statement last week. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
