Fed independence at risk? Trump fires Lisa Cook over mortgage allegations
U.S. President Donald Trump has intensified pressure on the Federal Reserve, declaring his intention to remove Governor Lisa Cook. The move comes amid allegations of “mortgage fraud,” which Cook dismissed as baseless and politically motivated, Kazinform News Agency reports.
Last Friday, Trump publicly threatened to fire Cook, telling reporters: “I’ll fire her if she doesn’t resign.”
On Monday, he escalated the confrontation by publishing a letter ordering her “immediate removal,” citing his powers under the U.S. Constitution and the 1913 Federal Reserve Act.
In the letter, Trump claimed there was “sufficient reason to believe” Cook may have made false statements in mortgage documents, adding: “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.”
Lisa Cook, the first Black woman to serve on the Federal Reserve Board of Governors, firmly rejected the pressure. She earlier said she would provide the necessary documentation to address any legitimate questions about her financial history, but argued the accusations were “cobbled together” as a pretext to replace her.
Cook was appointed in 2022 by President Joe Biden, with her term set to run until 2038. Trump has long been critical of Fed Chair Jerome Powell, accusing him of failing to cut interest rates.
Earlier, it was reported that the United States, together with Canada and Mexico, won the bid to host the 2026 FIFA World Cup, which will for the first time in history feature 48 national teams.
