WASHINGTON (AP) — President Donald Trump says he’s firing Lisa Cook, a member of the Federal Reserve’s board of governors, amid mortgage fraud allegations. The president’s announcement came Monday night, days after Cook said she wouldn’t leave her post despite Mr. Trump calling for her to resign over an accusation from one his officials that she committed […]
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Trump fires Federal Reserve board member Lisa Cook amid mortgage fraud allegations
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WASHINGTON (AP) — President Donald Trump says he’s firing Lisa Cook, a member of the Federal Reserve’s board of governors, amid mortgage fraud allegations.
The president’s announcement came Monday night, days after Cook said she wouldn’t leave her post despite Mr. Trump calling for her to resign over an accusation from one his officials that she committed mortgage fraud.
Trump appointee Bill Pulte, the head of the agency that regulates mortgage giants Fannie Mae and Freddie Mac, alleged on social media last week that Cook had claimed two primary residences — in Ann Arbor, Michigan, and Atlanta — in 2021 to get better mortgage terms. Mortgage rates are often higher on second homes or those purchased to rent.
Trump said in announcing the move that he had the constitutional authority to remove Cook. He will likely appoint a replacement to the Fed’s governing board with Cook gone.