'I will not resign': Federal Reserve governor accused of fraud now defies Trump's order that she's fired

A Federal Reserve Board governor, described on social media as scheming to lower her own mortgage costs while voting to deny mortgage cost relief to Americans, also now is defying an order from President Donald Trump that she be fired.

Lisa Cook claims there's no "cause" for her firing, despite her being investigated by federal law enforcement for mortgage fraud.

The case against Cook is similar to the federal investigations now pending against California Sen. Adam Schiff, Democrat and longtime adherent to the fake Russiagate conspiracy theory against Trump, and New York Attorney General Letitia James, who ironically claimed fraud in her case against Trump, a $500 million judgment that recently was thrown out because it violated the U.S. Constitution.

A report at RedState said Trump followed through on his threat to fire Cook, removing her from her position "effective immediately."

She immediately defied him, stating, "President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so. I will not resign and will continue my work to support the U.S. economy."

Social media commenters immediately launched their criticisms, pointed out she allegedly was scheming to get better mortgage terms for herself while at the same time repeatedly voting to deprive Americans of similar help, by demanding the interest rates remain high.

Those interest rates are a legacy of Joe Biden's disastrous economic policies, which prompted inflation across America to explode to as high as 9% during his term.

Trump dispatched a letter to Cook, explaining she was removed for "cause" in light of a recent criminal referral against her.

That charge accuses Cook of claiming her primary residence in Michigan on mortgage documents, only to turn around and do the same thing with a different property in Georgia just a month later. As the letter notes, it seems improbable that such a thing could be done unknowingly.

The report noted that Cook advocates "tried to claim that Cook's situation does not fall under the guise of 'cause' when it comes to the authority of the president to remove Federal Reserve governors. But while the protections against removal afforded by the Banking Act of 1935 appear to extend to policy decisions, as in a governor can't be fired for not lowering interest rates, the idea that personal misconduct doesn't qualify belabors belief. Such a position would presume that a president can't fire someone who allegedly committed fraud. That stretches whatever protections exist far past the point of absurdity."

The report noted it's likely Cook will find a "lower-court" judge to agree with her if she fights. But "It's a legal battle she very well could lose in the end, though, which begs the question of whether it's smart to poke the bear."

"Her firing doesn't change the fact that she's under criminal investigation. Antagonizing the administration by suing over her removal won't do her any favors," the report noted.

Cook has been part of the Fed faction that also has been defying the president's call for lower interest rates to help Americans with their mortgage costs.