Washington: President Donald Trump removed Federal Reserve Governor Lisa Cook from her position late Monday, citing allegations of mortgage fraud stemming from conflicting declarations of primary residences on loan documents. A letter posted by Trump that day pointed to a criminal referral from the Federal Housing Agency accusing Cook of falsely claiming two homes-one in Michigan, another in Georgia-as her primary residence. According to Kuwait News Agency, the Justice Department confirmed last Thursday that it had opened an investigation into the allegations based on a criminal referral from a Trump administration housing official and had asked Fed Chair Jerome Powell to dismiss Cook. Trump stated, "There is sufficient reason to believe you may have made false statements on one or more mortgage agreements." He also highlighted a correspondence sent earlier this month by a housing official to Attorney General Pamela Bondi, citing suspected real estate fraud involving Cook. "The Federal Reserve has tremendo us responsibility for setting interest rates and regulating reserve and member banks," said Trump. "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," he added.
