U.S. President Donald Trump has fired Lisa Cook, a member of the Federal Reserve Board of Governors, citing allegations of real estate fraud. Trump announced on his platform ‘Truth Social’ that Cook was dismissed due to accusations that she registered two primary residences in 2021—one in Ann Arbor, Michigan, and another in Atlanta—to secure better mortgage terms, as interest rates are typically higher on second or rental homes. This decision follows Cook’s refusal to resign despite Trump’s earlier calls for her to step down. The Federal Reserve Board has seven members, so this move could have wide economic and political repercussions. Trump asserted his constitutional authority to remove Cook, anticipating a legal battle that may allow her to temporarily remain in office while the case is resolved.