Trump removes Federal Reserve Governor Lisa Cook from office, citing fraud allegations

President Donald Trump ousted Federal Reserve Governor Lisa Cook on Monday, alleging she lied on mortgage forms by declaring two primary residences. In a letter to Cook, Trump said the Federal Reserve Act provides that she can be removed at his discretion. "As set forth in the Criminal Referral dated August 15, 2025, from Mr. William J. Pulte, Director of the Federal Housing Finance Agency, to Ms. Pamela Bondi, Attorney General of the United States…there is sufficient reason to believe you may have made false statements on one or more mortgage agreements," Trump wrote. "For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. "Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year," Trump continued. "It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both." TRUMP CALLS FOR FED GOVERNOR'S RESIGNATION AS ALLY REQUESTS DOJ PROBE Trump wrote that the Federal Reserve has a "tremendous responsibility" to set interest rates and regulate banks. He added that Americans must have full confidence in the honesty of those setting policy and overseeing the Federal Reserve. "In light of your deceitful and potentially criminal conduct in a financial matter, they cannot, and I do not have such confidence in your integrity," Trump wrote. "At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator."