Fed’s Cook: “I will not resign"

Federal Reserve Governor Lisa Cook reiterated Monday that she will not resign from her post, after President Donald Trump announced he was firing her over mortgage fraud allegations.

In a statement, Cook said the president lacks the 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,” she said, adding: “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 last week urged Cook, a Biden appointee, to step down after Bill Pulte — a Trump ally and head of the Federal Housing Finance Agency — accused her of committing mortgage fraud by claiming two different primary residences. Pulte shared documents that he said showed Cook signed papers listing one residence in Michigan and another as an “Atlanta condo.” Trump warned he would seek her removal if she refused to resign.

While presidents may dismiss Federal Reserve governors for cause, it remains unclear whether the accusations against Cook would meet that threshold. In a letter posted to Truth Social, Trump wrote: “I have determined that there is sufficient cause to remove you from your position.”