President Trump sent a letter removing Federal Reserve Governor Lisa Cook from the Board of Governors effective immediately, alleging she lied on at least one mortgage agreement. The letter cites a Federal Housing Finance Agency criminal referral that claims Cook tried to claim a primary residence in both Michigan and Georgia, and FHFA chair William Pulte said the agency is examining a third property owned by Cook. Trump wrote that Americans must have full confidence in the honesty of Federal Reserve officials and said he lacked confidence in Cook's integrity. A Justice Department official indicated the allegations require further examination. The administration has used similar mortgage-fraud allegations against other political opponents. Cook was first appointed to the board in 2022 and reappointed to a term ending in 2038; she previously served on the Michigan State University faculty.
In the letter, the president alleges that there is "sufficient evidence" that Cook lied on at least one mortgage agreement, pointing to a criminal referral from the Federal Housing Finance Agency that claims Cook tried to claim a primary residence in both Michigan and Georgia. FHFA chair William Pulte has said his agency is also looking at a third property owned by Cook.
"The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity," he wrote.
CNN reported last week that Ed Martin, a Justice Department official, signaled that the agency intended to investigate the allegations against Cook, telling Federal Reserve chairman Jerome Powell in a letter that the situation "requires further examination." On Friday, Trump said he intended to fire Cook if she didn't resign from her role.
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