President Trump said Monday he has fired Lisa Cook from the Federal Reserve’s Board of Governors — a dramatic move after months of public attacks against the central bank.
The president announced Cook’s removal from the Fed board in a letter posted to Truth Social that accused Cook of making false statements on mortgage documents, actions he claimed were “gross negligence” and “potentially criminal.” Mr. Trump had previously urged Cook to resign, leading the economist to say she had “no intention of being bullied to step down from my position because of some questions raised in a tweet.”
The move is an early test of Mr. Trump’s power to terminate members of the Federal Reserve. Under federal law, Fed board members serve for 14-year terms and can only be fired by the president “for cause.”
Mr. Trump wrote in a letter to Cook: “I have determined that there is sufficient cause to remove you from your position.”
This is a developing story; it will be updated.
