President Trump unexpectedly fires the Governor of the US Federal Reserve
President Donald Trump has announced the dismissal of Federal Reserve Governor Lisa Cook over allegations of mortgage fraud.
In a statement posted on the social network Truth Social on August 25, US President Donald Trump said: "Pursuant to the authority provided for in Article 2 of the US Constitution and the Federal Reserve Act of 1913, I have removed Lisa Cook from her position on the Federal Reserve Board, effective immediately."
“There is reasonable cause to believe that Lisa Cook made false statements about one or more mortgage agreements… This, at a minimum, demonstrates gross negligence in financial dealings and raises questions about Ms. Cook’s competence and reliability as a financial manager,” Mr. Trump explained.
According to The Hill, the FED and Ms. Cook have not yet responded to Mr. Trump's new move.
Ms. Cook was nominated by former US President Joe Biden to the FED Board of Governors in January 2022 and officially took office in May of the same year.
In the announcement of appointment issued by Mr. Biden in May 2022, Ms. Lisa was described as having extensive experience in the field of economics and finance, "having served as a senior financial advisor in the Office of International Affairs of the US Department of the Treasury in 2000-2001 and as a member of the Council of Economic Advisers under former US President Barack Obama in the period from 2011-2012".
