BREAKING: Trump FIRES Fed Governor Lisa Cook over mortgage fraud allegations

President Donald Trump has removed Federal Reserve Governor Lisa Cook from her role amid allegations of mortgage fraud against her. Trump wrote in a letter posted Monday evening that the removal was "effective immediately."

"I have determined that there is sufficient cause to remove you from your position," he wrote, citing the Federal Reserve Act, which "provides that you may be removed, at my discretion, for cause."

"As set forth in the Criminal Referral dated August 15, 2025 from Mr. William J. Pulte, Director of the Federal Housing Finance Agency, to Ms. Pamela Bondi, Attoreny General of the United States ('Criminal Referral') … there is sufficient reason to believe that you made have made false statements on one or more mortgage agreements."

"For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year. It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both."

Trump later added, "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."

Trump called for Cook to resign earlier in the month, writing at the time, "Cook must resign, now!!!" Trump linked to a report on mortgage fraud allegations raised against Cook by Federal Housing Finance Agency Director Bill Pulte.

Pulte sent a letter to Attorney General Pam Bondi and Justice Department official Ed Martin suggesting Cook may have "falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute." He noted a mortgage that Cook took out in June 2021 to buy a property in Ann Arbor, Michigan, under the terms of which she was required to make the home her primary residence for at least a year.

Two weeks later, Pulte said, she obtained another mortgage in Georgia and declared that as her primary residence as well, but later listed it as a rental.

In his letter, Pulte said Cook “appears to have acquired mortgages that do not meet certain lending requirements and could have received favorable loan terms under fraudulent circumstances.” he cited four criminal statutes for Bondi to investigate.