US President Donald Trump has announced plans to remove Federal Reserve Governor Lisa Cook, marking an unprecedented escalation in his standoff with America’s central bank.
Trump claimed there was “sufficient reason” to believe Cook made false statements on mortgage agreements. He invoked what he described as constitutional powers to justify her dismissal.
In a post on his Truth Social platform, Trump alleged Cook signed one mortgage in Michigan declaring the property as her primary residence, only to sign another in Georgia two weeks later with the same declaration.
In response, Cook said Trump had no authority to remove her and vowed to stay in her position.
“He has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy,” she said.
Her lawyer, Abbe David Lowell, warned that legal action would be taken to block what he called Trump’s “attempted illegal action.”
It is rare—and potentially unconstitutional—for a US president to fire a member of the Federal Reserve Board of Governors, an institution designed to remain independent of politics.
Cook, appointed by President Joe Biden in 2022, is the first African American woman to serve on the Fed’s board. She sits on the 12-member Federal Open Market Committee, which sets US interest rates.
At the Fed’s most recent meeting in July, Cook voted with Chair Jerome Powell and others to keep rates unchanged, a decision Trump has repeatedly criticized.
Economists have warned that Trump’s push to oust Cook—and his frequent attacks on Powell—raises concerns about the Fed’s independence. Central banks traditionally operate free of political interference to ensure monetary policy serves the broader economy, not partisan agendas.
The Federal Reserve has not yet issued a statement on Trump’s move. Experts predict the dispute could head to the courts, where the White House would have to prove it had legal grounds to fire Cook.
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