Trump fires Fed Governor Lisa Cook

Federal Reserve Governor Lisa Cook

US President Donald Trump dismissed Federal Reserve Governor Lisa Cook after allegations that she falsified documents related to mortgage loans, escalating his efforts to tighten control over the central bank.

Trump, in a letter posted on his Truth Social platform, cited a criminal referral dated Aug. 15, 2025, from Federal Housing Finance Agency Director William J. Pulte to Attorney General Pam Bondi. The referral said there was reason to believe Cook had submitted false statements involving multiple properties, including claims that homes in Michigan and Georgia would both serve as her primary residence within the same period.

Trump said the Fed carried heavy responsibility in setting interest rates and regulating banks and argued that the alleged misconduct undermined public confidence in the institution and in Cook’s integrity. He described her actions as deceptive, potentially criminal, and indicative of gross negligence in financial dealings.

Cook told Bloomberg that Trump did not have the authority to remove her and that she would not resign. Her lawyer, Abbe Lowell, said they would pursue legal steps to block the president’s move.

The dismissal could allow Trump to appoint an ally to the Fed board as he continues pressing the central bank to cut interest rates.