On August 25, 2025, U.S. President Donald Trump announced the immediate dismissal of Federal Reserve Board member Lisa Cook, marking the first time in U.S. history that a sitting president has taken such action. This decision was announced through a letter posted by Trump on his social media platform, Truth Social, citing powers granted by Article II of the U.S. Constitution and the Federal Reserve Act of 1913, stating that Lisa Cook's dismissal is effective immediately. This move not only intensifies Trump's pressure on the Federal Reserve but may also trigger a significant legal dispute regarding the independence of the Federal Reserve.

Allegations Origin: Mortgage Fraud Controversy

Trump's decision to dismiss Lisa Cook stems from allegations of her involvement in mortgage fraud. It is claimed that Lisa Cook applied for mortgages on two properties in 2021, declaring both properties located in Michigan and Georgia as her primary residence to obtain more favorable loan terms. Bill Pulte, director of the Federal Housing Finance Agency (FHFA), publicly accused Lisa Cook of fraud on social media on August 20 and subsequently submitted a criminal referral to the Department of Justice. Pulte is a staunch ally of Trump and has long criticized Federal Reserve Chairman Jerome Powell.

Trump quickly responded to Pulte's allegations, posting on Truth Social the same day, demanding that Lisa Cook "immediately resign." In his letter, he wrote, "There is ample reason to believe you made false statements in multiple mortgage agreements. You signed a document stating that a property in Michigan would be your primary residence for the next year, but two weeks later, you signed another document declaring that a property in Georgia would be your primary residence."

Lisa Cook firmly denied the allegations, stating that she would not be forced to resign due to "some questions on social media." In her statement, she said, "I have no intention of being intimidated into giving up my position. I will take any questions regarding my financial history seriously and am gathering accurate information to address any legitimate inquiries and provide facts." However, Trump did not wait for judicial proceedings or court rulings and directly announced her dismissal on August 25.

Legal Controversy: Does the President Have the Authority to Dismiss a Federal Reserve Member?

According to the Federal Reserve Act, the president can only dismiss a Federal Reserve member for "cause," but the law does not explicitly define what constitutes "cause." Traditionally, this reason has been interpreted to involve criminal misconduct or failure to perform duties. Legal experts told The New York Times that Lisa Cook has not been formally charged or convicted, so Trump's dismissal decision may face legal challenges. If the court allows Lisa Cook to continue working during the case proceedings, the case could even be appealed to the Supreme Court.

Lisa Cook's attorney, Abbe David Lowell, stated, "President Trump claims to have dismissed me 'for cause,' but there is no legal justification for this, and he does not have the authority to do so. I will not resign and will continue to fulfill my duties in service to the U.S. economy." This incident is seen as Trump's latest attempt to undermine the independence of the Federal Reserve, which could have far-reaching implications for confidence in the U.S. financial system.

Trump's Strategy to Reshape the Federal Reserve

Lisa Cook is the first Black woman to serve as a Federal Reserve member, having been nominated by former President Joe Biden in 2022, with her term originally set to last until 2038. If Trump wins in the legal proceedings, he will have another opportunity to nominate a Federal Reserve member, further strengthening his control over the Federal Reserve. Currently, two members of the seven-member Federal Reserve Board—Christopher Waller and Michelle Bowman—were appointed by Trump during his first term. Additionally, earlier this year, another Biden-nominated member, Adriana Kugler, suddenly resigned, creating an opportunity for Trump to nominate Stephen Miran, the chairman of the Council of Economic Advisers, to fill the vacancy.

If Trump successfully nominates two new members, he will control the majority of seats on the Federal Reserve Board, thereby having a profound impact on monetary policy. Trump has long criticized the Federal Reserve for refusing to quickly lower interest rates and has repeatedly attacked Federal Reserve Chairman Jerome Powell, despite the fact that Powell was also nominated by him in 2017. Trump even threatened to dismiss Powell before his term ends in May 2026.

Federal Reserve's Response and Independence Crisis

At the Jackson Hole symposium on August 22, Powell stated that the Federal Reserve might lower interest rates if necessary but would act "cautiously." This statement reflects the Federal Reserve's attempt to maintain its independence in the face of Trump's pressure. However, Trump's dismissal action has pushed the boundary between presidential power and Federal Reserve independence into an unprecedented state of tension.

Senator Elizabeth Warren commented, "Trump's illegal attempt to dismiss Lisa Cook is the latest example of him seeking a scapegoat to cover up his failure to lower the cost of living for Americans. This is a blatant power grab that violates the Federal Reserve Act and must be overturned in court." The market also reacted to this event, with the dollar index falling by 0.3%, stock futures declining, and gold prices rising by 0.45% as a safe-haven asset.

Future Outlook

The dismissal of Lisa Cook not only marks an unprecedented intervention by Trump in the Federal Reserve but could also have long-term implications for the independence of the U.S. central bank. If Trump successfully reshapes the Federal Reserve Board, its monetary policy may lean more towards short-term economic stimulus rather than long-term price stability and maximum employment. However, such intervention could trigger market uncertainty and undermine global confidence in the U.S. financial system. In the coming months, court rulings will determine the direction of this event and set new precedents for the power boundaries between the president and the Federal Reserve.

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