President Trump announced that he has fired Federal Reserve Governor Lisa Cook in a termination letter he posted on Truth Social.
The alleged firing marks the first time in the Central Bank’s 111-year history that a President has removed a Central Bank Governor.
Governor Lisa Cook’s attorneys issued a statement in response to the President’s declaration, stating, “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
In his letter, Trump referenced allegations by Federal Housing Finance Agency Director Bill Pulte, who claimed Cook made false statements on mortgage applications.
The dismissal letter from the President was sent four days after the Department of Justice announced it would investigate Cook following Pulte’s allegation. Trump wrote, “In light of your deceitful and potentially criminal conduct in a financial matter … I do not have such confidence in your integrity. At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator.”
“I have determined that there is sufficient cause to remove you from your position.”
Although the President claims Cook was dismissed, the Supreme Court may ultimately decide on the legality of her firing.
By CEO NA Editorial Staff
