Chicago Tuesday, August 26th, 2025
President Donald Trump said Monday he was firing Federal Reserve Governor Lisa Cook, accusing her of giving false information on mortgage loans for homes in Michigan and Georgia. This is the first time a president has tried to remove a Fed governor, raising questions about presidential power over the independent central bank. Cook, appointed by former President Joe Biden in 2022, is the first African-American woman to serve on the Fed board.
Cook rejected Trump’s claim, saying he has “no authority” to remove her and that she will continue doing her job. Her lawyer, Abbe Lowell, also called Trump’s move unlawful and said they will fight it in court.
The issue began when Federal Housing Finance Agency Director William Pulte questioned Cook’s mortgages and referred the matter to Attorney General Pamela Bondi. The case could now test both the law and the limits of presidential power.
