Federal Reserve Governor Lisa Cook has refused to step down after President Donald Trump announced her dismissal on Monday. The move marks an unprecedented attempt to remove a sitting Fed governor, raising fresh questions about the independence of the Federal Reserve.
Trump, in a termination letter posted on Truth Social, accused Cook of making false statements on mortgage applications. He wrote, “In light of your deceitful and potentially criminal conduct in a financial matter, the American people cannot and I do not have such confidence in your integrity.”
Cook, who made history as the first Black woman to serve on the Federal Reserve Board of Governors, has rejected the firing and said she will not resign.
The President argued that Cook’s alleged financial misrepresentations showed “gross negligence” and called into question her “competence and trustworthiness as a financial regulator.”
