President Donald Trump fired Federal Reserve governor Lisa Cook, according to a letter posted on his Truth Social platform Monday night, likely teeing up a legal battle over the Fed’s independence and another key nomination fight when lawmakers return to Washington after Labor Day.
Trump’s letter, dated Aug. 25, said he was exercising his authority under Article II of the Constitution as well as the Federal Reserve Act of 1913 to remove Cook “for cause,” justifying the dismissal by claiming that Cook had made misstatements on two mortgage applications.
Those allegations were first raised last week by Federal Housing Finance Administration Director William Pulte, who made a criminal referral to the Justice Department. Pulte said Cook claimed two homes as her primary residence — one in Michigan and one in Georgia.
