Trump Fires Fed Governor Lisa Cook Over Fraud Allegations

In a letter published on the social platform, Trump said he fired Cook because of allegations of mortgage fraud. Mortgage giants Fannie Mae and Freddie Mac organized the agency Trump appointed Bill Pulte, last week accused.

Pulte claimed that Cook had demanded two main houses to get better mortgage conditions in Ann Arbor, Michigan and Atlanta in 2021. Mortgage rates are generally higher in second houses or in houses purchased.

The announcement arrived days later after Cook said that although Trump wanted Trump to resign before, he would not leave his post. The Fed Board of Directors has seven members, that is, means that Trump’s movement may have deep economic and political consequences.

Trump said he had a constitutional authority to remove Cook, but to do so, asking questions about the Fed’s control as an independent asset.

Fire is likely to touch a legal war, and Cook can be allowed to remain in the seat while playing a lawsuit. Cook would have to fight the legal war as a wounded party instead of the FED.

The last effort of the administration to check one of the few independent agents in Washington. Since Trump did not cut the short -term interest rate, he repeatedly attacked the Fed’s chair Jerome Powell and even threatened to expel him.

Forcing Cook from the FED’s board of directors will offer Trump an opportunity to appoint a loyal. Trump said he would only appoint authorities to support the cutting rates.