"Trump said in a letter posted on his Truth Social platform that he is firing Cook because of allegations that she committed mortgage fraud. Bill Pulte, a Trump appointee to the agency that regulates mortgage giants Fannie Mae and Freddie Mac, made the accusations last week. Pulte alleged that Cook had claimed two primary residences in Ann Arbor, Michigan and Atlanta in 2021 to get better mortgage terms."
"The announcement came days after Cook said she wouldn't leave her post despite Trump previously calling for her to resign. The Fed's board has seven members, meaning Trump's move could have deep economic and political ramifications. Trump said in announcing the move that he had the constitutional authority to remove Cook, but doing so will raise questions about control of the Fed as an independent entity."
President Donald Trump dismissed Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud made by Bill Pulte, a Trump appointee to the regulator overseeing Fannie Mae and Freddie Mac. Pulte alleges Cook claimed two primary residences in 2021 to obtain better mortgage terms. Cook said she would not resign despite prior calls from Trump. The Fed's seven-member board faces potential economic and political consequences from the removal. The action raises constitutional and independence questions, could prompt litigation that Cook would have to pursue personally, and presents an opportunity for the president to appoint a more loyal Fed governor.
Read at www.twincities.com
Unable to calculate read time
Collection
[
|
...
]