Doha: US President Donald Trump fired Federal Reserve Board of Governors member Lisa Cook, citing her alleged involvement in mortgage fraud. In a letter to Cook, Trump explained his decision was based on a criminal referral dated August 15 from the Federal Housing Finance Agency's director to the US attorney general, adding that this referral provided "sufficient reasons" for the dismissal, effective immediately.
According to Qatar News Agency, the dismissal is the latest step in the Republican president's pressure on the independent monetary institution. US presidents have limited power to remove the bank's members, after the Supreme Court recently ruled that they may only be removed for "cause."
Trump noted in his letter that the referral included suspicions that Cook made "false statements" related to one or more mortgage agreements. Cook had confirmed in a statement earlier this month that she had "no intention of being bullied to step down," stressing that she would take any questions seriously related to her financial history.