President Donald Trump fired Federal Reserve Gov. Lisa Cook on Monday over allegations of mortgage fraud.
In a letter from Trump to Cook that was posted to social media, the president said he had “sufficient cause” to remove her, citing her mortgage fraud allegations.
“I have determined that there is sufficient cause to remove you from your position,” Trump wrote.
Appointed by former President Joe Biden in 2022, Cook was recently accused by Federal Housing Finance Agency head Bill Pulte of committing mortgage fraud by listing two primary residences. The president pledged to fire her if she did not resign.
“In his initial allegations, Pulte included photographs of document signatures apparently belonging to Cook that allegedly applied to two different primary residences, one in Michigan and another described as an ‘Atlanta condo,’” per the Hill.
Cook refused to resign despite the president’s demands, saying she would not be “bullied to step down from my position because of some questions raised in a tweet.”
“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,” Cook said in a statement.
In his letter, the president said that Cook’s alleged actions weaken Americans’ trust in the Federal Reserve.
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks,” 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.”
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