Trump says he's removing Fed Governor Lisa Cook, cites mortgage fraud allegations [View all]

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Source: CNBC

Published Mon, Aug 25 2025 8:09 PM EDT Updated Moments Ago


President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook, according to a letter on his Truth Social, an unprecedented move and a significant escalation of his attacks on the independence of the U.S. central bank.

“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote.

CNBC reached out to the Federal Reserve for comment.

Trump’s move pushes the Federal Reserve into unchartered territory and will likely lead to a legal clash that could wind up at the Supreme Court.

Read more: https://www.cnbc.com/2025/08/25/trump-fires-lisa-cook-fed-powell.html

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Article updated.

Previous articles/headlines -

Published Mon, Aug 25 2025 8:09 PM EDT Updated Moments Ago


President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook, according to a letter on his Truth Social, an unprecedented move and a significant escalation of his attacks on the U.S. central bank.

"Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately," Trump wrote.

CNBC reached out to the Federal Reserve for comment.

Trump's move pushes the Federal Reserve into unchartered territory and will likely lead to a legal clash that could wind up at the Supreme Court.

Trump says he is removing Fed Governor Lisa Cook

Published Mon, Aug 25 2025 8:09 PM EDT Updated 3 Min Ago


President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook, according to a letter on his Truth Social, an unprecedented move and a significant escalation of his attacks on the U.S. central bank.

"Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately," Trump wrote. CNBC reached out to the Federal Reserve for comment.

Trump's move pushes the Federal Reserve into unchartered territory and will likely lead to a legal clash that could wind up at the Supreme Court.

Congress curbed the president's authority to unilaterally fire a Fed governor in the Federal Reserve Act of 1913, which states that president can only do so "for cause." While the law does not elaborate on what constitutes "cause," it has historically been understood to mean serious concerns about an official's ability to continue serving.

Original article -

Published Mon, Aug 25 2025 8:09 PM EDT Updated 4 Min Ago


President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook, according to a Truth Social post, an unprecedented move and a significant escalation of his attacks on the U.S. central bank.

Trump's move pushes the Federal Reserve into unchartered territory and will likely lead to a legal clash that could wind up at the Supreme Court.

Congress curbed the president's authority to unilaterally fire a Fed governor in the Federal Reserve Act of 1913, which states that president can only do so "for cause." While the law does not elaborate on what constitutes "cause," it has historically been understood to mean serious concerns about an official's ability to continue serving.

The Trump administration claims that Cook, who was nominated by former President Joe Biden in 2022, committed mortgage fraud by allegedly naming two different properties as her primary residence at the same time.