Federal Reserve board member Lisa Cook removed

President Donald Trump announced late Tuesday he is removing Lisa Cook from her position on the Federal Reserve Board of Governors. Cook has served on the board since being nominated by then-President Joe Biden in 2022.

Citing the Federal Reserve Act’s provisions allowing removal for cause, Trump says he has “determined there is sufficient cause to remove you from your position,” and referred to the criminal referral filed by the administration alleging mortgage fraud. Cook has indicated she will not resign, the president does not have the authority to remove her, and she will be filing a lawsuit challenging the dismissal.

Trump also removed NCUA board members Todd Harper and Tanya Otsuka from their positions in April, but did not cite a reason in his letter of dismissal. Harper and Otsuka have sued the administration seeking reinstatement, and the next filing from the administration is due Sept. 12.