"President Donald Trump announced that he is firing Federal Reserve Governor Lisa Cook, but it is not clear that he has the authority to do so. On Friday, Trump threatened to remove her if she did not resign. In a letter to Cook dated Monday, Trump wrote that you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately. The president claimed that he was removing Cook for cause."
"In a statement to The New York Times, Cook said she has no intention of going quietly. 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, the statement said. I will continue to carry out my duties to help the American economy as I have been doing since 2022."
President Donald Trump wrote that Lisa Cook is removed from the Board of Governors of the Federal Reserve effective immediately, accusing her of deceitful and potentially criminal conduct related to a mortgage and asserting the public must have confidence in Fed officials. The Trump administration alleges Cook may have falsified records to obtain more favorable mortgage terms; she has not been charged. Cook, the first Black woman on the Board, said the president lacks legal authority to remove her and vowed not to resign and to continue carrying out her duties. The move intersects with legal uncertainty after a recent Supreme Court removal-related ruling.
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