Trump removes Fed Governor Lisa Cook over mortgage fraud allegations

President Donald Trump has removed Federal Reserve Governor Lisa Cook from her position, citing allegations that she falsified mortgage documents, according to a letter released Monday.

In the letter, Trump told Cook she was being dismissed “effective immediately” under his authority to remove Fed governors for cause. The president said he acted after reviewing a criminal referral alleging Cook signed conflicting documents in 2023, each claiming a different property as her primary residence.

The allegations stem from a referral submitted earlier this month by Federal Housing Finance Agency Director Bill Pulte, who accused Cook of signing one mortgage application for a property in Michigan and, two weeks later, another for a property in Georgia, both listed as her primary home.

“It is inconceivable that you were not aware of your first commitment when making the second,” Trump wrote, calling the conduct “deceitful and potentially criminal.”

Trump said her actions called into question her “competence and trustworthiness as a financial regulator.”

CNN reported that mortgage records reviewed by the network show Cook did list both homes as her principal residence, though it is unclear why or whether the filings were intentional.

Cook, a former Michigan State University economist appointed to the Fed by President Joe Biden in 2022, has rejected calls to step down. In a statement last week, she said she had “no intention of being bullied to step down” and pledged to provide accurate information about her financial history.

Trump had told reporters on Friday that he planned to fire Cook if she did not resign. The removal comes as the administration has increased pressure on the Federal Reserve to lower interest rates.