Lisa Cook
Donald TrumpPolitics

Trump Boots Fed’s Lisa Cook Over Mortgage Mess—She Says ‘He Has No Authority To Do So

RNN Staff

President Donald Trump on Monday informed Federal Reserve Governor Lisa Cook that she had been terminated from her post, citing alleged mortgage fraud and a lack of public confidence in her integrity.

In an official letter, Trump wrote, “Pursuant to my authority under Article II of the Constitution and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position… effective immediately.”

The move stems from accusations leveled by Federal Housing Finance Agency Director Bill Pulte, who claimed Cook listed two different properties—one in Michigan and one in Georgia—as her primary residence within weeks of financing each.

Trump argued this behavior constituted “gross negligence in financial transactions” and undermined her fitness as a financial regulator. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve,” Trump wrote. “In light of your deceitful and potentially criminal conduct… I do not have such confidence.”

Cook responded defiantly, asserting that the president had no legal authority to fire her and that there was no lawful cause for removal. “I will not resign,” she said. “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

Cook has retained high-profile defense attorney Abbe Lowell, known for representing figures like Bill Clinton and Hunter Biden. Lowell called Trump’s firing attempt a “reflex to bully” and “legally baseless,” vowing to fight the action through the courts.

Cook has not been charged with any crime. Mortgage documents reportedly show she declared both properties as her primary residence to secure financing. The controversy, if substantiated, could violate lending laws or constitute fraud.

Trump’s action marks a dramatic escalation in his oversight of federal financial agencies and could trigger a legal showdown over presidential authority to remove independent central bank officials.

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