President Donald Trump announced Monday he intended to remove Federal Reserve Governor Lisa Cook, but Cook quickly responded that the president has no legal authority to fire her and that she will not resign.
Trump posted a letter to Truth Social citing Article II of the Constitution and the Federal Reserve Act of 1913, claiming he could remove Cook “for cause.” He alleged she made false statements on mortgage applications, saying that provided “sufficient reason” for dismissal.
Cook disputed the claim in a late-night statement: “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Her attorney, Abbe Lowell, called Trump’s move “flawed” and without “proper process, basis, or legal authority,” vowing to take legal action if necessary. Trump has not responded to their statements as of Tuesday morning.
Sources
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