President Donald Trump on Monday relieved Lisa Cook from her position as governor on the Federal Reserve Board.
Trump informed Cook of his decision in a letter dated Monday.
“You are herby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” he wrote.
Cook said last week she wouldn’t leave her post after Trump called on her to resign over an accusation from one his officials that she committed mortgage fraud.
Bill Pulte, the head of the agency that regulates mortgage giants Fannie Mae and Freddie Mac and a Trump appointee, alleged on the X social media platform early Wednesday that Cook had claimed two primary residences — in Ann Arbor, Michigan, and Atlanta — in 2021 to get better mortgage terms. Mortgage rates are often higher on second homes or those purchased to rent.
“In light of your deceitful and potentially criminal conduct in a financial matter, [the American people] cannot and I do not have such confidence in your integrity,” Trump wrote.
Information from the Associated Press was used in this report.
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