U.S. President Donald Trump has announced the removal of Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. This marks the first time a U.S. president has attempted to dismiss a sitting Fed governor.
In a letter shared Monday on Truth Social, Trump stated: “You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.” He cited a criminal referral alleging that Cook signed conflicting mortgage documents for properties in Michigan and Georgia, calling the conduct “deceitful and potentially criminal.”
Trump emphasized that the public must have confidence in the integrity of Fed officials, arguing that Cook’s actions undermined that trust. Cook, nominated to the Board by former President Joe Biden in 2022, has denied wrongdoing and refused to resign, saying she has “no intention of being bullied to step down.”
The legality of her dismissal may be contested in federal court, potentially reaching the Supreme Court. If Trump succeeds in removing Cook and securing Senate confirmation of her replacement, Stephen Miran, he would hold a 4–3 majority on the Fed Board, giving him significant influence over U.S. monetary policy.
