Trump to Fed Governor Lisa Cook: You're Fired

President Trump announced late Monday that he's ousting Federal Reserve Governor Lisa Cook, citing allegations that she misrepresented her primary residence on mortgage paperwork. The claims, raised by Federal Housing Finance Agency chief Bill Pulte, center on Cook's 2021 mortgage applications for homes in Michigan and Atlanta—both reportedly marked as her main home within two weeks of each other, the Wall Street Journal reports. This is the first time a president has said he's firing a Fed governor in the central bank's 111-year history, reports CNN.

Cook, appointed by President Biden, pushed back against the allegations last week, saying won't be "bullied to step down from my position because of some questions raised in a tweet." She insisted she takes all concerns about her finances seriously. In a letter Trump shared on Truth Social Monday, he told Cook that he was removing her from her position, effective immediately. "I have determined that there is sufficient cause," Trump wrote.

Trump had warned Friday that Cook would be shown the door if she didn't resign. "The American people must have the full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve," Trump wrote in his Monday letter. "In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity." The AP predicts that a legal battle will follow, with Cook potentially remaining in her seat at the Fed while it plays out.