#Trump Removes Fed Governor Cook

US President Donald Trump announced that he has dismissed Federal Reserve (Fed) Governor Lisa Cook. The allegations, submitted to the Justice Department by Bill Pulte, a Federal Housing Finance Agency official and a Trump ally, are being described as “intentional misrepresentations.” They are based on allegations that Cook fraudulently filed mortgage applications in 2021. In a letter published on the Truth Social platform, Trump alleged that Cook tried to obtain more advantageous loan terms by declaring two different properties in Michigan and Georgia as her “primary residence” in short succession. This incident is being seen as a serious interference with the Fed’s independence since the removal of a Fed governor requires “incompetence or dereliction of duty,” and this is the first time in history that a governor has been targeted in this way. The decision has created uncertainty in the markets; US stock market futures are falling, and a possible court case is on the agenda. Cook said in a statement; He opposed Trump's move, stating that the president had no authority to remove him from office and announced that he would continue in his duty.
This unprecedented action has sparked legal debates, with experts predicting Cook could sue and prevail, preserving Fed independence.
Markets reacted with volatility: Bitcoin dipped below $109,000, altcoins feel up to 12%, and U.S. Treasury yields decline amid uncertainty.