Overview

• Trump announced the action on Truth Social and in a letter asserting there were sufficient grounds to remove Cook with immediate effect.
• The allegations center on claims that Cook made false statements in one or more mortgage agreements.
• He cited an FHFA referral from agency head Bill Pulte to the Justice Department and pointed to a Bloomberg report on the loan issues.
• Presidential authority to oust Fed governors is narrowly constrained by law and a recent Supreme Court ruling, raising the prospect of a legal challenge.
• Cook, appointed in 2022 and the first Black person to serve as a Fed governor, holds a term running to January 31, 2038, as Trump continues pressing for interest-rate cuts.