Federal Reserve governor Lisa Cook said she is not leaving her position despite President Donald Trump’s announcement that he was firing her on Monday.
Cook made the revelation in a statement late Monday night, hours after Trump said he intended to remove Cook. She said she would not “resign” her position and that the president had no “authority” to remove her.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Trump posted a letter to his Truth Social account announcing the decision to terminate Cook’s employment. Trump cited his authority in the Constitution, referencing Article II, and the Federal Reserve Act of 1913.
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