Trump Boots Fed’s Lisa Cook Over Mortgage Mess—She Says ‘He Has No Authority To Do So’

President Donald Trump told Federal Reserve Governor Lisa Cook that she had been terminated on Monday, citing allegations of mortgage fraud.

“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 to Cook in a letter.

“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” he wrote. “I have determined that there is sufficient cause to remove you from your position.”

Trump cited allegations by Federal Housing Finance Agency Director Bill Pulte, who accused Cook of claiming two separate properties as her primary address within weeks of purchasing each with financing.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement responding to Trump’s letter. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

Cook, who has not been charged with a crime, has hired attorney Abbe Lowell as legal counsel. Lowell is a veteran defense attorney with decades of experience representing high-profile political figures, including former President Bill Clinton, former Sen. Bob Menendez (D-NJ), and Hunter Biden.

End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships

“President Trump has taken to social media to once again ‘fire by tweet’ and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority,” said Lowell. “We will take whatever actions are needed to prevent his attempted illegal action.”

Pulte accused Cook of having “falsified bank documents and property records” to purchase two properties, a house in Ann Arbor, Michigan, and a condo in Atlanta, according to CNN. Mortgage documents show that Cook took out mortgages on both properties and claimed both as her primary residence.

Trump said Monday that questions about Cook’s integrity have undermined Americans’ confidence in her ability to serve on the Federal Reserve.

“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks,” Trump wrote. “The American people must be able to have full confidence in the honesty of the members entrusted with 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. 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,” he wrote.

???? President Donald J. Trump relieves Federal Reserve Governor Lisa Cook of her position pic.twitter.com/tJV8m4mlHW

— Rapid Response 47 (@RapidResponse47) August 26, 2025