President Donald Trump on Monday evening fired Biden-appointed Federal Reserve Governor Lisa Cook following allegations of mortgage fraud.
“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote in a letter to Cook.
“I have determined that there is sufficient cause to remove you from your position,” the president added, citing a criminal referral filed by Federal Housing Finance Agency Director Bill Pulte.
Details of the Allegations
According to the referral, Cook falsely claimed two different properties as her “primary residence” in order to secure more favorable mortgage terms.
On June 18, 2021, Cook obtained a mortgage for a property in Ann Arbor, Michigan, affirming that it would be her principal residence within 60 days of the loan agreement.
Just two weeks later, on July 2, 2021, she purchased a condominium in Atlanta, Georgia, and entered into a 30-year mortgage agreement stating that the condo would also serve as her primary residence for