Lisa Cook says she’s not leaving Fed and Trump has ‘no authority’ to fire her
Lisa Cook says she’s not leaving Fed and Trump has ‘no authority’ to fire her
Federal Reserve governor Lisa Cook said she is not leaving her position despite President Donald Trump’s announcement that he was firing her on Monday.
Cook made the revelation in a statement late Monday night, hours after Trump said he intended to remove Cook. She said she would not “resign” her position and that the president had no “authority” to remove her.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Trump posted a letter to his Truth Social account announcing the decision to terminate Cook’s employment. Trump cited his authority in the Constitution, referencing Article II, and the Federal Reserve Act of 1913.
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” Trump’s post read. “I have determined that there is sufficient cause to remove you from your position.”
Trump then referenced previous mortgage applications of Cook’s, stating that “there is sufficient reason to believe you may have made false statements on one or more mortgage agreements.”
Cook disagreed with this assessment. Her attorney echoed her sentiments and released a statement condemning Trump’s decision, claiming it lacked “legal authority.”
“President Trump has taken to social media to once again ‘fire by tweet’ and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority,” said Abbe Lowell, Cook’s attorney.
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“We will take whatever actions are needed to prevent his attempted illegal action,” Lowell added.
As of early Tuesday morning, Trump had not responded to the statements by Cook or her attorney.
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