Lisa Cook says she’s not leaving Fed Reserve, says Trump has ‘no authority’ to fire her
The article reports on Federal Reserve Governor Lisa Cook’s refusal to leave her position after President Donald Trump announced he was firing her. Cook stated that Trump has no legal authority to remove her and that she will not resign, continuing her work since 2022. Trump posted on Truth Social that he was terminating Cook “for cause,” citing alleged false statements in mortgage applications as justification under the Federal Reserve Act of 1913. Cook and her attorney, Abbe Lowell, disputed Trump’s claims, calling the firing attempt illegal and lacking proper legal process. Lowell emphasized they would take necessary actions to counter Trump’s attempt. As of the article’s publication, Trump had not responded to these statements.
Lisa Cook says she’s not leaving Fed Reserve, says Trump has ‘no authority’ to fire her
Beleaguered 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. Yet, she said she would not ‘resign’ her position and claimed 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 in notifying Cook of her firing.
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” read Trump’s post. “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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