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chairman Donald Trump On Monday, Federal Reserve Governor Lisa Cook was removed, alleging that he had declared two primary residences and lied on hostage forms.
In a letter to cook, Trump said federal Reserve The Act provides that it can be removed at its discretion.
“As the United States Attorney General Ms. Pamela Bondi, Director of the Federal Housing Finance Agency, Mr. William J. Pulte is dated August 15, 2025 to dated criminal referral dated … This is enough to believe that you will have made false statements on one or more mortgage agreements.” “For example, as detailed in criminal referrals, you have signed a document, stating that a property in Michigan will have your primary residence for next year.
“Two weeks later, you signed another document for a property in Georgia, stating that it would be your primary residence for next year,” Trump continued. “It is incomprehensible that you did not know about your first commitment while making the other. It is impossible that you intend to honor both.”
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President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook on August 25, 2025. (Al Drago / Bloomberg Getty Image / Getty Image)
Trump wrote that the Federal Reserve has a “tremendous responsibility” to determine interest rates and regulate banks.
He said that Americans should have full confidence in the honesty of establishing the policy of those people and taking care of the Federal Reserve.
Trump wrote, “In the light of your fraud and potential criminal conduct in the financial matters, they can’t, and I do not believe in your integrity.” “At least, the conduct on the issue displays as gross negligence in financial transactions that question your ability and reliability as a financial regulator.”
He ordered him to remove him immediately from the office.
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President Donald Trump sent a letter to the Federal Reserve Governor Lisa Cook on August 25, 2025, leaving him out of his post due to the allegations of hostage fraud. (Through Tom Brainner Getty Image / Getty Image for Washington Post)
Cook has not been accused of any crime.
Fox Business has reached the Federal Reserve for comment about the removal of Cook.
Trump on Friday threatened to remove Cook from his role as she faces hostage fraud charges which are subject to investigation by the Department of Justice (DOJ). The investigation was filed by a criminal referral filed by Pulte, a staunch associate of Trump and a critic of the Federal Reserve.
Trump told reporters on Friday, “If she does not resign, I will fire her.” “What he did was bad.”
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Left: William Paltte, nominated to be the director of the Federal Housing Finance Agency, take oath to confirm his Senate Banking, Housing and Urban Affairs Committee, hearing at Dirkson Building on Thursday, February 27, 2025; Rights: Federal Reserve ,
Pulte sent his referral to Doj on Wednesday and accused him of “he is probably committed to acquiring more favorable debt conditions of false bank documents and assets, potentially committed mortgages under criminal law.”
Under the federal law controlling the Federal Reserve System, the President can only remove one governor ForWhich has been historically interpreted as implementing malicious or malpractices rather than policy disagreement.
The President’s action to remove Cook from his role said for the first time in history that a President has tried to remove a sitting Federal Reserve Governor, and it can cause a legal battle.
The President and his colleagues have repeatedly urged to reduce the cost of cutting interest rates and serving the $ 37 trillion US national loan in an attempt to promote the economy, although Trump has supported previous threats to firing the fire fed chair. Zerome poly,
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Cook was appointed by the President to Fed Joe Biden The party-line vote of 51-47 in 2022 and in September 2023 was confirmed by the Senate. His term as Fed Governor lasts for 14 years, from 2024 to 2038.
Fox Business’ Eric Revell contributed to this report.
