US President Donald Trump has fired Federal Reserve Governor Lisa Cook, announcing the decision in a letter posted on his social media platform, Truth Social. Trump cited the mortgage fraud allegations as the primary reason for her dismissal. According to media reports, Cook had recently come under scrutiny from Trump and members of his administration over allegations of mortgage fraud.
The Justice Department has stated it will investigate the claims, which were initially raised by Federal Housing Finance Agency Director Bill Pulte. Trump’s move comes just days after Cook publicly stated she would not step down from the seven-member Fed Board, despite mounting pressure from the President to resign. However, Senate Democrats had expressed strong support for Cook. She made history as one of the first African American women to serve on the Federal Reserve Board. Her removal marks the first time in the Federal Reserve’s 111-year history that a sitting president has fired a central bank governor.
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