Trump Fires Fed Governor Lisa Cook Amid Mortgage Fraud Allegations

US President Donald Trump has abruptly dismissed Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud as the reason for her ousting. This decision intensifies his ongoing campaign to wield greater influence over what is traditionally an independent entity.

In a letter on his Truth Social platform, Trump justified the dismissal by referring to accusations made by Bill Pulte, a Trump appointee, that Cook claimed dual primary residences to secure preferential mortgage terms. The controversy arises over Cook's alleged 2021 declarations of principal homes in Ann Arbor and Atlanta.

This development adds to Trump's attempts to assert control over independent Washington institutions, previously marked by his public criticisms of Fed Chair Jerome Powell. Cook might face a legal battle to retain her position, a move that could alter the dynamics of the Fed's governance amid Trump's potential appointment of a staunch supporter.

(With inputs from agencies.)