US President Donald Trump has announced the immediate removal of Federal Reserve Governor Lisa Cook, citing alleged false statements on mortgage applications. In a letter posted on his Truth Social platform, Trump accused Cook of signing conflicting documents about primary residences in Michigan and Georgia. Cook, the first African American woman to serve on the Fed board, rejected the move, saying the president has “no authority” to dismiss her and vowed not to resign. Her lawyer, Abbe David Lowell, called Trump’s action illegal and pledged to fight it. Legal experts say the White House may face court challenges, as Fed governors are typically insulated from presidential dismissal except under limited circumstances. The unprecedented step heightens Trump’s ongoing clash with the central bank, which he accuses of resisting deeper interest rate cuts. Financial markets reacted swiftly, with the US dollar weakening as investors anticipated a more dovish replacement.
Appoinments
Trump Moves to Oust Fed Governor Lisa Cook, Sparks Legal Showdown
Trump moves to oust Fed Governor Lisa Cook over alleged mortgage fraud; Cook rejects authority, vows legal fight, markets react cautiously.
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