Trump says he's removing Fed Gov. Cook citing his admin's allegations of fraud
16 days ago
- #Lisa Cook
- #Donald Trump
- #Federal Reserve
- President Donald Trump removes Federal Reserve Governor Lisa Cook effective immediately.
- Trump cites a 'criminal referral' from FHFA Director William Pulte accusing Cook of mortgage fraud.
- Cook denies allegations, stating she learned of them only through media reports.
- Cook is the first Black woman to serve on the Fed's board.
- Under the Federal Reserve Act, governors can only be removed 'for cause'.
- Cook's removal is expected to lead to a legal battle between the Fed and the executive branch.
- Sen. Elizabeth Warren calls the removal an 'illegal attempt' and 'authoritarian power grab'.
- Trump has been pressuring the Fed, attacking Chair Jerome Powell and current interest rate policies.
- The U.S. Dollar Index declined sharply following Trump's announcement.
- Cook's removal could give Trump another opportunity to influence the Fed's board.
- Trump has nominated his top economist, Stephen Miran, to the Fed's board.