US President Donald Trump has removed Lisa Cook - a member of the US Federal Reserve Board - in a sharp escalation of his efforts to strengthen his control over the institution considered independent of politics, the Associated Press reported, quoted by BTA.
In a post on the social network "Truth Social" Trump announced that he was firing Cook over allegations that she committed mortgage fraud.
Last week, the accusations against her were made by the Director of the Federal Housing Finance Agency, Bill Pulte, who alleged that Cook submitted false information on loan applications to obtain more favorable terms. He said she had two primary residences in 2021, and mortgage rates are often higher for second homes or rental properties, the AP notes.
The president's announcement came days after Cook said he would not step down, despite Trump's call for him to resign.
The Federal Reserve Board has seven members, meaning Trump's move could have serious economic and political ramifications.
Although the president claims he has the constitutional authority to remove Cook, the decision raises questions about the Fed's independence.
The firing is likely to lead to lawsuits, and Cook could be allowed to stay in his job while the case is pending.
This is another attempt by the White House administration to tighten control over one of the few remaining independent agencies in Washington. Trump has repeatedly criticized Fed Chairman Jerome Powell for not cutting short-term interest rates, and has even threatened to fire him, the AP recalls.
Link to main version
Aug 26, 2025 04:57 204