Lisa Cook Refuses to Resign After Trump Attempts Firing
Federal Reserve Governor Lisa Cook announced late Monday that she will not resign, despite former President Donald Trump’s declaration earlier in the day that she had been fired.
In her statement, Cook insisted Trump lacked the authority to remove her, noting that under the Federal Reserve Act governors can only be dismissed “for cause.” She argued no valid cause exists and vowed to continue her duties.
Trump, however, accused Cook of mortgage fraud, citing a criminal referral from William J. Pulte, Director of the Federal Housing Finance Agency. He alleged Cook signed conflicting documents in Michigan and Georgia, falsely claiming each property as her primary residence. While Cook has not been charged, Trump argued her actions undermined confidence in the Fed and demanded her immediate removal.
The Justice Department is reviewing the referral. If pursued, the case could trigger the first judicial battle over a president’s authority to remove a sitting Fed governor.
Cook, appointed by President Biden in 2022 and confirmed in 2023, is serving a 14-year term through 2038.
