President Trump said Monday he is removing Lisa Cook from her position as a governor on the Federal Reserve board, saying there is “sufficient reason” to believe she made false statements on personal mortgage documents.
Mr. Trump said the Constitution and Federal Reserve Act of 1913 allow him to remove governors “for cause,” although the firing will likely spark a legal battle that could reach the Supreme Court.
“I have determined that there is sufficient cause to remove you from your position,” Mr. Trump wrote in a letter to Ms. Cook.
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Mr. Trump is following through on a recent threat to fire Ms. Cook over documents dug up by Bill Pulte, the director of the Federal Housing Finance Agency.
Mr. Pulte pointed to 2021 documents
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