Federal Reserve Governor Lisa Cook addressed President Donald Trump’s announcement that he had fired her, saying she would not resign from the Fed’s seven-member board.
Trump on Monday cited alleged mortgage-related misconduct when he said he had fired Cook, who has denied the allegations. You can read the full statement below.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in an emailed statement to The Associated Press. “I will not resign.”
Whether President Trump’s firing is sufficiently backed up is unclear. This case will likely go to the Supreme Court.
The Federal Reserve Act allows a president to remove a sitting governor only “for cause,” a standard that legal scholars and officials said has not been definitively tested in this context.
Some say it’s politicizing the Federal Reserve, which many believe is politicized already.
The allegations originated with Federal Housing Finance Agency Director Bill Pulte, who referred the matter to the Justice Department after raising questions about mortgage filings Cook made for properties in Michigan and Georgia in 2021. Pulte accused Cook of claiming two primary residences—one in Ann Arbor, Michigan, and another in Atlanta—to secure more favorable mortgage terms.
Cook has not been charged with a crime.
Her attorney will move to block the firing because he said it is illegal.
Cause as Determined by the Administration
No matter how legal what Trump does, Democrats and their media say it is illegal. Then a district judge goes rogue and tries to block Trump. Neil Gorsuch of the Supreme court of the USA said, a few days ago, that those judges must stop doing that. I wonder what can be done and when it will be done to… Read more »