President Donald Trump said Monday that he had dismissed Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud that have not been tested in court.
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The decision, announced in a letter later shared on social media, followed claims made last week by Federal Housing Finance Agency Director, Bill Pulte.
In a letter, Pulte alleged that Cook had listed two different properties a home in Ann Arbor, Michigan, and a condo in Atlanta as her primary residence within weeks of buying each one, accusing her of having “falsified bank documents and property records.”
The Justice Department said it would review the allegations but has not announced charges. According to a CNN review, Cook took out mortgages for both properties and listed each as her principal residence, though it is unclear why or whether it was intentional.
Trump and his allies have recently increased criticism of Cook, a Michigan State University economist appointed to the Fed by former President Joe Biden in 2022, as part of broader efforts to pressure the central bank to lower interest rates.
Trump warned on Friday that he would remove Cook if she did not step down, noting that a president may only dismiss a Fed board member for cause.
Cook rejected the accusations in a statement, saying she has “no intention of being bullied to step down from my position.”
She added, “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.”
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