Lisa Cook filed a lawsuit naming President Donald Trump, the Federal Reserve Board of Governors, and Chair Jerome Powell as defendants after Trump announced her firing on Truth Social and in an accompanying letter. Trump wrote that she was removed immediately following allegations of mortgage fraud. Federal Housing Finance Agency chief Bill Pulte posted accusations that Cook misrepresented her primary residence between an Atlanta condo and a Michigan home and said the president had cause to fire her. The mortgage-fraud claims were referred to the Department of Justice. Cook has not been charged and denies wrongdoing while collecting records to answer questions. The Supreme Court has indicated a president may remove a Fed official for cause but not for ideological differences, leaving removal authority legally uncertain.
The suit comes days after Trump announced in a Truth Social post that he was firing Cook following claims that she had committed mortgage fraud. You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately, Trump wrote in a letter that accompanied the post. Cook, the first Black woman to serve on the Board of Governors, has not been charged with any crimes, though the mortgage fraud allegations have been referred to the Department of Justice.
I have no intention of being bullied to step down from my position because of some questions raised in a tweet. I do intend to take any questions about my financial history seriously as a member of the Federal Reserve, and so I am gathering the accurate information to answer any legitimate questions and provide the facts.
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