Lisa Cook Refuses to Resign Despite Trump’s Firing Attempt
Federal Reserve Governor Lisa Cook says she will not step down after President Donald Trump announced her dismissal Monday.
“I will not resign. I will continue to carry out my duties to help the American economy,” Cook said, arguing Trump has no legal authority to remove her.
Trump Cites Mortgage Fraud Allegations
In a letter, Trump claimed the Federal Reserve Act allows him to fire Cook, citing a DOJ investigation into alleged mortgage fraud.
“You signed one document attesting that a property in Michigan would be your primary residence… Two weeks later, you signed another document for a property in Georgia,” Trump wrote.
He called her conduct “deceitful and potentially criminal.”
First-Ever Attempt to Remove a Fed Governor
This marks the first time a president has tried to fire a Federal Reserve governor, likely setting up a court battle.
Cook has not been charged with a crime.
Background
Cook, appointed by Joe Biden in 2022, began her 14-year term in 2024.
Trump and his allies have pushed for lower interest rates to ease the $37 trillion national debt.
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