Unprecedented Dismissal: President Trump Ousts Fed Governor Lisa Cook Amid Legal Controversy
President Donald Trump has made an unprecedented move by firing Federal Reserve Governor Lisa Cook on Monday evening. This marks a first in the Fed’s 111-year history where a president has attempted to remove a sitting central bank governor. Cook, who holds the distinction of being the first Black woman to serve as a Fed governor, was appointed by President Biden in 2022.
Trump has cited “mortgage fraud” allegations as the basis for her dismissal. These allegations stem from claims by Federal Housing Finance Agency Director Bill Pulte, stating that Cook listed two properties as primary residences on mortgage documents. Cook has vehemently rejected the firing, asserting that Trump has “no authority” to remove her. She has pledged to fight the decision in court through her attorney.
This move has sparked a constitutional crisis over the independence of the Federal Reserve. Market reactions have been swift, with a 0.3% drop in the US dollar index and declines in stock futures. Legal experts anticipate the case to escalate to the Supreme Court, as federal law stipulates that Fed governors can only be removed “for cause”.
Source: CNN Business
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