❓WHAT HAPPENED: President Trump has fired Federal Reserve Governor Lisa Cook following allegations of mortgage fraud.
👤WHO WAS INVOLVED: President Donald Trump, Federal Reserve Governor Lisa Cook, and Bill Pulte.
📍WHEN & WHERE: The firing was announced in a letter to Cook, following a criminal referral dated August 15, 2025.
💬KEY QUOTE: “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.” – Donald Trump
🎯IMPACT: The decision raises questions about the integrity and trustworthiness of financial regulators.
President Trump has taken decisive action by removing Federal Reserve Governor Lisa Cook from her position. This move comes after Bill Pulte exposed Cook for alleged mortgage fraud, leading to a criminal referral.
Lisa Cook, who was appointed by President Biden in 2022, is accused of making false statements on mortgage agreements. Specifically, she is alleged to have signed documents for two properties, each claiming to be her primary residence for the coming year, which is deemed impossible.
In a letter addressed to Cook, President Trump cited his constitutional authority and the Federal Reserve Act to justify her removal. He emphasized the necessity for integrity and honesty in financial regulators, particularly those involved in setting interest rates and overseeing banks.
The allegations against Cook include signing a document for a property in Michigan, followed by another for a property in Georgia, both within a two-week period. This conduct has been described as deceitful and potentially criminal, casting doubt on her competence and trustworthiness.
The Federal Reserve plays a critical role in the U.S. economy, and the integrity of its members is paramount. President Trump’s decision underscores the importance of maintaining public confidence in the institution’s leadership.
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