Update (2330ET): Former Fed governor Lisa Cook says she will not resign, the Washington Post reports, citing a statement from Cook.
“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 through a spokeswoman: WaPo
“I will continue to carry out my duties to help the American economy as I have been doing since 2022,” Cook said
Good luck with that plan when the FBI turns up tomorrow at your place of work.
* * *
(Zero Hedge)—Promises made… promises kept…
On Friday, President Trump warned that he would fire Federal Reserve Governor Lisa Cook who allegedly “falsified bank documents and property records to acquire more favorable loan terms” if she didn’t resign…
.@POTUS on Federal Reserve Governor Lisa Cook: “I’ll fire her if she doesn’t resign. What she did was bad, so I’ll fire her if she doesn’t resign.” pic.twitter.com/1vEv7k7ar8
— Rapid Response 47 (@RapidResponse47) August 22, 2025
She immediately played the victim card, claiming she “would not be bullied”.
But now that is moot as President Trump has fired her, effective immediately:
” I have determined that there is sufficient cause to remove you from your position…
…
The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks. The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.
In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.
At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator.”
Full letter below:
Trump will now have a majority on the Fed Board…
If/when Cook leaves/is fired, Trump will have a majority on the Fed board pic.twitter.com/6Hxn8f2PPw
— zerohedge (@zerohedge) August 21, 2025
Trump was quick to make note of her dismissal on Truth Social:
Reminder, The Fed is not political… etc, etc…
Exactly 6 years later, Trump has an answer to Dudley’s op-ed https://t.co/sHwvmxAKhp
— zerohedge (@zerohedge) August 26, 2025
There is a silver lining for her…
The good news is Cook will soon be able to refinance at a much lower rate. https://t.co/5Coxyp8iDd
— zerohedge (@zerohedge) August 26, 2025
How long before Democrats decry this racist act and demand it be appealed all the way to SCOTUS?
Or will she skulk away sheepishly admitting she broke the law rather than face the discovery that Bill Pulte has already exposed?
There was a notable market reaction to this move with gold rallying as the dollar dropped and short-end bonds are bid (stocks lower)…
With rate-cut odds rising for Sept and more for December.
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