President Trump Orders Federal Reserve Governor Lisa Cook's Removal, Citing Mortgage Fraud Allegations

 

President Donald Trump announced the immediate removal of Federal Reserve Governor Lisa Cook, escalating his feud with the central bank. Trump cited "sufficient reason" to believe Cook made false statements on mortgage agreements, claiming constitutional authority to fire her. 

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In response, Cook, the first African-American woman on the Fed’s board, denied the allegations and asserted Trump lacks the power to dismiss her, vowing not to resign. The claims stem from a criminal referral by a Trump-appointed official alleging mortgage fraud. Legal experts question the move’s legality, warning of a potential challenge to the Fed’s independence. The dispute could impact monetary policy and spark legal battles.