On Monday evening, U.S. President Donald Trump fired Lisa Cook, a member of the Federal Reserve Board of Governors, escalating his efforts to exert greater control over an institution traditionally independent from daily political struggles. Trump announced on his platform Truth Social that he decided to dismiss Cook due to allegations of involvement in real estate fraud. These accusations were made last week by Bill Polti, whom Trump appointed to the agency regulating the two giant mortgage companies Fannie Mae and Freddie Mac. Polti claimed that in 2021, Cook registered two primary residences—one in Ann Arbor, Michigan, and the other in Atlanta—to obtain better mortgage terms, as interest rates are typically higher on second homes or rental properties. The announcement came days after Cook confirmed she would not resign despite Trump’s previous calls for her to step down.
The Federal Reserve Board has seven members, so this move could have broad economic and political repercussions. Trump asserted his constitutional authority to fire Cook, but this is likely to spark legal controversy over the central bank’s independence. This dismissal is expected to ignite a legal battle that may allow Cook to temporarily remain in her position pending the case’s resolution, with Cook herself as the aggrieved party rather than the Federal Reserve.
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