Overview

• Trump posted a dismissal letter on Truth Social citing alleged mortgage misrepresentations as cause for removal.
• Cook, the first Black woman on the Fed board, rejected the action, retained attorney Abbe Lowell, and said she will not step down.
• FHFA Director Bill Pulte referred the allegations to the Justice Department; reports indicate a review, with no charges announced.
• Legal experts say the move tests protections designed to insulate the central bank and could trigger a consequential court fight.
• With Adriana Kugler’s seat already vacant and nominee Stephen Miran pending in the Senate, upholding Cook’s ouster could yield a board majority inclined toward faster rate cuts.