President Donald Trump fired Federal Reserve Governor Lisa Cook on Monday, marking a significant escalation in his efforts to control the Federal Reserve.

Trump posted a letter on his Truth Social platform stating that Cook was dismissed due to allegations of mortgage fraud raised by Bill Pulte, a Trump appointee to the agency overseeing Fannie Mae and Freddie Mac.

The big picture: Pulte accused Cook of claiming two primary residences – in Ann Arbor, Michigan and Atlanta – in 2021 to secure better mortgage terms, which could constitute fraud since mortgage rates differ for second homes. • Prior to her firing, Cook had refused to resign despite Trump’s earlier calls for her departure. • The Federal Reserve Board has seven members, and Cook’s removal shifts the balance of power with si

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