US EditionFederal Reserve Governor Lisa Cook says Trump 'has no authority' to fire her
- On Monday, President Donald Trump declared via a post on his Truth Social account that he has terminated Federal Reserve Governor Lisa Cook’s appointment effective immediately.
- Trump cited allegations of mortgage fraud based on a criminal referral by Trump appointee William Pulte, but legal experts say no formal proceeding has occurred and cause under the law is unclear.
- Cook, appointed to the Federal Reserve Board in 2022 as its first Black female governor, denied any misconduct, asserted that President Trump does not have the legal authority to remove her, and enlisted attorney Abbe Lowell to challenge the attempted dismissal.
- Critics including Senator Elizabeth Warren and Rep. Hakeem Jeffries called the firing illegal and an authoritarian power grab risking the Fed's political independence, while legal scholars foresee a likely Supreme Court battle.
- If Trump succeeds in replacing Cook, he could install an ally favoring lower interest rates, marking a historic escalation in attempts to politicize the 111-year-old Federal Reserve and potentially destabilize financial markets.
238 Articles
238 Articles
'Integrity bores him': WSJ slams Trump's 'threat' to Fed in blistering editorial
In a sharply worded editorial published Tuesday, The Wall Street Journal (WSJ) decried President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook as a thinly veiled power grab that threatens the independence of America’s central bank. The WSJ's editors warned that a “central bank with even a semblance of independence may be the casualty” of such politically motivated interference. According to the editorial, Cook’s dismissal rep…
Fed board member says Trump ‘has no authority’ to remove her
Federal Reserve Chair Jerome Powell administers the oath of office to Lisa Cook to serve as a member of the Board of Governors at the Federal Reserve System during a ceremony at the William McChesney Martin Jr. Building of the Federal Reserve May 23, 2022, in Washington, D.C. (Photo by Drew Angerer/Getty Images)WASHINGTON — Federal Reserve Governor Lisa Cook will challenge her removal, her attorney said Tuesday, arguing President Donald Trump “h…
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