President Trump fired Federal Reserve Gov. Lisa Cook Monday over allegations that she committed mortgage fraud.
“Pursuant to my authority under Article Il 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 in a letter addressed to Cook, which he posted on Truth Social.
Cook, however, argued that Trump has “no authority” to fire her and indicated that she’s not leaving her post, in a statement.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said, according to multiple outlets. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
The longtime academic, who previously served on former President Barack Obama’s White House Council of Economic Advisers and former President Joe Biden’s transition team, has hired former first son Hunter Biden’s lawyer, Abbe Lowell, to represent her.
In a statement, Lowell vowed to take “whatever actions are needed” to stop what he described as Trump’s “illegal action.”
Cook’s firing comes after Federal Housing Finance Agency Director Bill Pulte accused the Federal Reserve board member of falsifying bank documents and property records to secure better loan terms, in a criminal referral sent to Attorney General Pam Bondi last week.
Pulte alleged in an X post that Cook had designated a condo in Atlanta as her primary residence in July 2021, just two weeks after taking a loan on her Michigan home, which she also declared as a primary residence.
Hellbound and Down 