she says ‘he has no authority to do so’
Trump tells Fed’s Lisa Cook she’s fired; she says ‘he has no authority to do so’
KEY POINTS
- President Donald Trump said he is removing Federal Reserve Governor Lisa Cook from her position.
- Trump said there is sufficient reason to believe Cook made “false statements” on one or more mortgage agreements.
- Presidents can only remove a Fed official “for cause,” which has historically been understood to mean malfeasance or dereliction of duty.
- Trump has complained for months that Fed Chairman Jerome Powell has not lowered interest rates.
