Federal Reserve Gov. Lisa Cook responds to Trump: 'I will not resign'

(The Hill) -- Federal Reserve Governor Lisa Cook doubled down on her vow not to resign from the Fed, after President Donald Trump moved on Monday to fire the board member over mortgage fraud allegations.

In a statement, Cook argued the president has "no authority" to remove her from her post.

"President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so," she said in a statement obtained by The Hill's sister network NewsNation. "I will not resign."

"I will continue to carry out my duties to help the American economy as I have been doing since 2022," Cook added.

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Trump last week called for the Fed governor, who was appointed by former President Joe Biden in 2022, to resign following allegations by Bill Pulte — a Trump ally and the head of the Federal Housing Finance Agency (FHFA) — that she committed mortgage fraud by listing two primary residences. The president said he would try to fire Cook if she did not resign.

In his initial allegations, Pulte included photographs of document signatures allegedly belonging to Cook that applied to two different primary residences, one in Michigan and another described as an "Atlanta condo."

The president has the authority to remove members of the Federal Reserve Board of Governors for cause, but it's unclear if the allegations against Cook would reach that standard.

"I have determined that there is sufficient cause to remove you from your position," Trump wrote in a letter to Cook, which was posted to Truth Social.

"The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks," he said. "The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve."

The president added, "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."

Cook has retained Abbe Lowell, a prominent Washington attorney, to represent her.

"President Trump has taken to social media to once again 'fire by tweet' and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority," Lowell said in a statement Monday.

He added, "We will take whatever actions are needed to prevent his attempted illegal action."