26.08.2025 08:00
U.S. President Donald Trump announced that he has removed Lisa Cook, a member of the Board of Governors of the Federal Reserve, from her position due to "misstatements in mortgage contracts." Cook became the first board member in the 111-year history of the Fed to be dismissed by a U.S. president.
U.S. President Donald Trump announced that he has removed Lisa Cook, a member of the Board of Governors of the Federal Reserve (Fed). Sharing a letter he wrote to Cook on his Truth social media platform, Trump reminded that the Federal Reserve Act allows the president to remove board members at his discretion, stating, "I have determined that there is sufficient reason to remove you."
As a justification for his decision, Trump pointed to Cook's "misrepresentations in mortgage contracts," saying, "For example, as detailed in the attached documents, while you signed a document stating that a property in Michigan would be your primary residence next year, two weeks later, you signed another document stating that a different property in Georgia would be your primary residence next year. It is inconceivable that you were unaware of your first commitment when signing the second document."
"IT IS NOT POSSIBLE FOR THE PUBLIC TO HAVE CONFIDENCE"
Highlighting the significant responsibilities undertaken by the Federal Reserve, Trump stated, "The American people must have complete confidence in the integrity of the members responsible for determining and overseeing the Fed's policies. In light of your deceptive and potentially criminal behavior in a financial matter, it is not possible for the public to trust you. I also do not have confidence in your integrity."
A FIRST IN THE 111-YEAR HISTORY OF THE FED
Trump argued that Cook's false statements are "indicative of serious negligence in financial transactions," stating, "This situation calls into question your qualifications and reliability as a financial regulator." For this reason, Trump expressed that Cook's position on the Board of Governors of the Federal Reserve has been "terminated effective immediately." Cook became the first board member removed by a U.S. president in the 111-year history of the Fed.