President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook as he continues to feud with her boss over lowering interest rates.
Aug. 26 President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook as he continues to feud with her boss over lowering interest rates.
The legality of Cooks’ firing was unclear, and has prompted Democrats to accuse the Republican president of perpetrating an « illegal authoritarian power grab. »
Trump informed Cook of her dismissal in a letter he made public on his Truth Social platform, informing the first Black woman to sit on the Reserve Board that he has « determined that there is sufficient cause to remove you from your position » over allegations of making false statements on mortgage agreements.
« 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 », Trump said in the letter.
Trump fired Cook following months of applying political pressure on her boss, Federal Reserve Chair Jerome Powell, to lower interest rates. Amid the insults and demands Trump has made of Powell, the Trump-nominated chair from his first administration has stated economic policy will not be influenced by politics.
On Aug. 15, Federal Housing Finance Agency Director William Pulte, a Powell critic, sent a criminal referral for Cook to Attorney General Pam Bondi, accusing Cook of falsifying documents as well as mortgage, bank and wire fraud for signing mortgage documents.
