đš Breaking News: Trump Fires Fed Governor Lisa Cook in Historic Move
đȘIn an unprecedented escalation, President Donald Trump has officially fired Federal Reserve Governor Lisa D. Cook, citing âsufficient causeâ under the Federal Reserve Act and allegations of mortgage fraud.
đȘA White House letter signed by Trump, dated today, declares Cookâs âimmediate removalâ from her position on the Fedâs Board of Governors, marking the first time in U.S. history that a sitting president has directly dismissed a Federal Reserve governor.
đȘThe letter accuses Cook of false statements in mortgage applications, including attesting to two different properties as her âprimary residenceâ within weeks of each other. Trump blasted her conduct as âdeceitful and potentially criminal,â writing that it demonstrated âgross negligence in financial transactions that calls into question [her] competence and trustworthiness as a financial regulator.â
đȘTrump justified the firing under his constitutional authority, stating:
âThe executive power of the United States is vested in me as President ⊠I have determined that faithfully executing the law requires your immediate removal from office.â
âïž Why This Matters
First-ever presidential removal of a Fed Governor, a move almost certain to trigger a constitutional battle over central bank independence.
Legal showdown expected. Experts say Cook is likely to contest the firing, arguing that Fed governors can only be removed for proven misconduct, not presidential will.
â ïž Historic. Explosive. Legally uncharted.
Trump has just detonated the biggest political challenge to Federal Reserve independence in over a century.