Trumpโข Fires Federal Reserve Governor Lisa โฃCook Amid Fraud Allegations
WASHINGTON –
Inโ a move escalating tensionsโ with the Federal Reserve, former President Donald Trump announced the firing of Governor Lisa Cook on Monday โevening via a post on his Truth Social platform. Trumpโฃ asserts he acted โunder the authority granted by the U.S. Constitution and the Federal Reserve Act ofโฃ 1913.
The dismissal follows allegations of mortgage fraud leveled โagainst Cook by Bill pulte,โ director of the Federal Housing Finance Agency (FHFA). Pulte publicly claimed Cook improperly designated multiple properties – one in Georgia and another in โคMichigan -โ as her primary โresidence,โ potentially โto secure more favorable mortgage terms. This claim centers around the assertion that Cook obtained loans based on โคconflicting primary residence โขdeclarations.
“The American people must be able โto โฃhave fullโ confidence inโ the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. Considering your deceitful and potentially criminal conduct in โa financial matter,โ they cannot, and I do not, haveโ such confidence in your integrity.”
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Trump’s postโ also referenced a purported criminal referral to the โDepartment of Justice regarding the โฃallegations, initially highlighted by former U.S. Attorney General Pam Bondi. Pulte detailed theโ claims on social media, stating the FHFA’s referral allegesโฃ Cook designated anโค out-of-state condominium asโข herโ primary residence shortly afterโ securing a loan on โher Michigan home, were she had โalsoโ declared primary residency.
This action occurs against aโฃ backdrop of ongoing criticism from Trump โtowards current Federal โReserve Chair โJerome Powell, whom he has repeatedly urged โto lower interest rates. Trump views lower rates as crucial โฃfor stimulating economic growth, a position โat oddsโ with the Fed’s current monetary policy โขaimed at curbing inflation.
Notably, this is not the first time Trumpโฃ has publicly accused individuals โขof mortgage fraud. Similar allegations where โฃpreviously directed atโ California Senator Adam โขSchiff and New York Attorney General Letitia James.
The firing of Cook mirrors Trump’s recent dismissal of Dr.โ Erika McEntarfer, the Bureauโ of Labor Statistics Commissioner,โ following a jobs report that he โdeemed unsatisfactory in July.โข Trump pledged to nominate a replacement who would deliver honest and accurate
jobs reports, signaling a desire โfor dataโฃ aligned withโฃ his economicโ narrative.
The legalityโ of Trump’s action to remove Governor Cook is highly likely to beโ contested. The Federal Reserveโ Act outlines specific grounds for removal of โgovernors, typically involving misconduct or โฃincapacity. โ Legal expertsโ will likely scrutinize whether the allegations against Cook meet theseโค criteria.
The โฃFederal reserve โhas not yet issued a formal response to Trump’s announcement. Further developments are expected as the situation unfolds โand potential โขlegalโ challenges are considered.
