“In accordance with the authority vested in me under Article II of the U.S. Constitution and the Federal Reserve Act of 1913, as amended, I hereby remove you from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump stated in a notice sent to Governor Cook, which he posted on Truth Social on August 25.
Trump referenced a referral submitted by Federal Housing Finance Agency (FHFA) Director Bill Pulte to Attorney General Pam Bondi on August 15. Pulte alleged that Cook listed her primary residence as an Atlanta apartment, while previously taking out a mortgage on a home in Michigan and identifying it as her principal residence. Pulte added that FHFA possesses documents related to Cook’s alleged mortgage fraud.
According to Trump, the Federal Reserve plays a critical role in setting interest rates, managing reserves, and overseeing member banks. He emphasized that the American public must be able to trust Fed governors to carry out monetary policy responsibilities. “Given this fraudulent and potentially unlawful conduct, neither they nor I can place trust in her. At a minimum, it demonstrates gross negligence in financial dealings and raises serious questions about her competence,” Trump wrote.
Cook has not publicly responded to the announcement. Last week, she stated she had no intention to resign over “questions raised on social media.”
“I will carefully review any questions regarding my financial history as a Fed governor. Accordingly, I am gathering accurate information to respond fully and truthfully to all legitimate inquiries,” Cook said on August 21.
The Federal Reserve Board of Governors consists of seven members appointed by the president and confirmed by the Senate. Each serves a 14-year term and cannot be reappointed.
Cook was one of three governors appointed during former President Joe Biden’s administration, while Trump appointed two of the remaining governors. Should Cook resign or be removed, Trump could appoint a successor, potentially securing a majority on the Fed Board aligned with his monetary policy views.