President Donald Trump announced on Monday (August 25) that he has fired Federal Reserve Governor Lisa Cook , citing allegations of mortgage fraud. Trump claimed on his Truth Social platform that Cook committed fraud by claiming two primary residences in 2021 to secure better mortgage terms. However, Cook, who was appointed by President Joe Biden in 2022, insists that Trump lacks the authority to remove her from the board.

In a statement, Cook declared, "President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so." She emphasized her intention to continue her duties at the Federal Reserve, highlighting that her appointment is for a 14-year term. Legal experts note that for-cause removals typically require a formal proce

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