Trump fires Federal Reserve governor - Decision escalates battle between executive branch and Fed
US President Donald Trump has decided to fire Federal Reserve Governor Lisa Cook, accusing her of irregularities in mortgage loan reporting. This is the first time a president has removed a member of the US central bank's board.
US President Donald Trump said he has decided to fire Federal Reserve Governor Lisa Cook over allegations of irregularities in mortgage lending. It is an unprecedented step that could challenge the limits of presidential power over the independent monetary policy institution if the case goes to court.
In a letter to Cook, who is the first African-American woman to serve on the Federal Reserve's board of governors, Trump wrote that he had "sufficient grounds to remove her from office." According to him, the governor had taken out two loans for different properties, both declared as "primary residences."
Cook responded hours later in a statement from her attorney's office, saying "there is no legal basis and Trump has no authority" to remove her from the position she was given by former President Joe Biden in 2022. "I will continue to perform my duties to help the American economy," she said. The attorney said "every action necessary will be taken to prevent this unlawful attempt."
Although the term of office of Fed governors is structured to last beyond a presidential term, with Cook's term running until 2038, the Federal Reserve Act allows the president to remove a governor when there is "good cause."
This provision has never been tested by presidents, who, especially since the 1970s, have avoided interfering in Fed affairs to maintain confidence in U.S. monetary policy. Legal scholars and historians say the challenges that could arise in a lawsuit would involve complex issues of executive power, the Federal Reserve's unique semi-private nature and its history. It is also not yet known whether Cook's actions actually constitute valid grounds for impeachment.
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