WASHINGTON—President Donald Trump on Monday announced he had dismissed Federal Reserve Governor Lisa Cook, marking an extraordinary escalation of his campaign against the central bank’s independence after it refused to cut interest rates, CNBC reported.
In a letter posted on Truth Social, Trump cited allegations from Federal Housing Finance Agency Director Bill Pulte that Cook made false statements on mortgage applications. The Department of Justice said last week it would investigate the claims.
Cook, the first Black woman to serve as a Fed governor, swiftly rejected the move.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “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, appointed by former President Joe Biden, has retained high-profile attorney Abbe Lowell. She has not been charged with any crime, CNBC said.