President Trump announced his decision to remove Federal Reserve Governor Lisa Cook in a letter posted to Truth Social Monday evening
The move surprised analysts, despite Federal Housing Finance Agency Director William Pulte’s allegations last week that Cook committed mortgage fraud.
In the letter addressed to Cook, Trump cited Pulte’s “criminal referral” before accusing the Fed governor of “deceitful and potentially criminal conduct in a financial matter.” In a statement released last week in response to the allegations, Cook said she had “no intention of being bullied to step down from my position because of some questions raised in a tweet.”
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“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve member banks,” Trump wrote in his Monday statement. “The American people must have the full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.”
The Federal Reserve did not immediately respond to Trump’s decision.
Cook’s firing is the latest in a series of flashpoints between Trump and the Federal Reserve. Trump has repeatedly questioned Federal Reserve Chair Jerome Powell’s leadership during the first eight months of his second administration, and the president’s decision to remove Cook signals his intent to exert influence on the famously independent agency.
