Trump moves to fire Fed Governor Cook, cites mortgage fraud

US President Donald Trump moves to oust Fed Governor Lisa Cook over alleged mortgage fraud, escalating his fight to control the US central bank.

Transcript

00:00Now in the US, Donald Trump has moved to fire Federal Reserve Governor Lisa Cook

00:05in the latest escalation of the US President's attacks on the Central Bank.

00:10Trump accuses Cook of falsifying mortgage application documents

00:14and says he has sufficient reason and constitutional powers to remove her.

00:18Cook has pushed back, saying Trump has no authority to fire her and that she will not resign.

00:24The announcement came late Monday on Trump's social media account,

00:32where he posted a letter saying Cook was out effective immediately,

00:36claiming she had obtained a mortgage on a second home she incorrectly described as her primary residence.

00:43The allegation first came from a Trump ally.

00:46Cook, appointed by Joe Biden in 2022, is the first black woman on the Fed's Board of Governors.

00:52She also sits on the committee that sets US interest rates.

00:57The move against Cook follows months of attacks on the Central Bank's chair, Jay Powell.

01:02Trump has sharply criticized Powell over the pace of interest rate cuts, calling him a stubborn mule.

01:09An attempt to remove Cook could trigger a legal showdown

01:12and raise questions about the independence of one of the world's most powerful central banks.