Trump Plans to Fire Fed Governor Lisa Cook ‘If She Doesn’t Resign’

Others say the president cannot terminate independent Federal Reserve Board members.

Lisa Cook, member of the Board of Governors of the Federal Reserve, attends a Federal Reserve Board open meeting discussing proposed revisions to the board's supplementary leverage ratio standards at the Federal Reserve Board building in Washington on June 25, 2025. Saul Loeb/AFP via Getty Images

President Donald Trump stated on Aug. 22 that he would fire Federal Reserve Governor Lisa Cook if she did not step down from her role at the U.S. central bank.

Earlier this week, Cook was publicly accused of mortgage fraud by Bill Pulte, chairman of the Federal Housing Finance Agency (FHFA). He also sent an Aug. 15 criminal referral letter to Attorney General Pam Bondi and Special Attorney Ed Martin, alleging that she falsified “bank documents and property records to acquire more favorable loan terms” and lower interest rates.