President Trump moved to fire Federal Reserve governor Lisa Cook, citing alleged false statements on mortgage applications and asserting sufficient cause under the law limiting removal to misconduct. Trump wrote that the American people must have full confidence in the honesty of Fed members and accused Cook of deceitful and potentially criminal financial conduct. Bill Pulte alleged Cook represented two properties as primary residences to obtain favorable loan terms. Cook said she is gathering information and will not be "bullied." The move could create a Fed vacancy, increase Trump-appointed influence, and invite legal challenges over Fed independence.
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.
Cook has not replied in detail to the allegations, saying she is gathering information, but she insisted last week she would not be "bullied."
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