US President Donald Trump posted a letter on his social media platform, Truth Social, announcing the immediate dismissal of Federal Reserve Governor Lisa Cook.
In the letter, Trump cited Article II of the U.S. Constitution and relevant sections of the amended Federal Reserve Act of 1913, stating that he had determined sufficient grounds existed to remove Cook from her position.
The letter referenced a criminal referral submitted by the Federal Housing Finance Agency (FHFA) on Aug. 15, alleging that Cook had made false statements in mortgage documents. Specifically, she declared the same property as her primary residence in two separate filings—one in Michigan and another in Georgia. Trump described this behavior as "unthinkable" and questioned both her integrity and her fitness to serve as a financial regulator.
He further accused Cook of engaging in "fraudulent and potentially criminal conduct" in financial matters, asserting that such actions had undermined her credibility as a regulator.
Cook, the first African American woman to serve on the Federal Reserve Board, was appointed to a term lasting until 2038. She assumed her role as a Fed governor in May 2022. Before her appointment, she was an economics professor at Michigan State University and had served on the Council of Economic Advisers during the Obama administration.
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