Overview

• The White House released a letter citing Article II and the Federal Reserve Act to declare Cook removed effective immediately.
• The Justice Department is reviewing a criminal referral from FHFA Director Bill Pulte alleging Cook misrepresented two homes to secure favorable mortgage terms, with Special Attorney Ed Martin involved.
• Cook denies wrongdoing, says she will not resign, and pledges to provide documentation addressing questions about her finances.
• A CNN review of records shows both an Ann Arbor home and an Atlanta condo were listed as principal residences weeks apart in 2021, though intent and material impact remain unestablished.
• Legal experts say the move challenges statutory protections for Fed governors and could reach the Supreme Court, while a sustained removal would let Trump nominate a replacement and potentially shift the board’s balance.