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President Donald Trump just said he removed a key official at the Federal Reserve, and it wasn’t Jerome Powell.
Trump said in a letter posted to Truth Social on Monday that he was removing Fed Governor Lisa Cook, citing recent allegations made against her by Bill Plute, director of the Federal Housing Finance Agency.
“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” the letter posted to Truth Social reads.
In response to Trump’s calls to resign last week, Cook said, “I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” according to a statement issued by the Fed.
The statement continued, “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve, and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
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