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John Power

Trump orders removal of Fed governor Cook over mortgage fraud claims

Lisa Cook Donald Trump United States

Board of Governors of the Federal Reserve member Lisa Cook speaks at the Federal Reserve building in Washington, DC, on September 23, 2022 [Manuel Balce Ceneta/AP]

United States President Donald Trump has ordered the removal of Federal Reserve governor Lisa Cook amid unproven claims of mortgage fraud, an unprecedented move that immediately raised fears for the central bank’s independence.

In a letter posted on social media on Monday night, Trump said Cook, one of the seven members of the Fed’s Board of Governors, was being sacked “effective immediately” in accordance with his powers under the US Constitution and the 1913 Federal Reserve Act.

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