US President Trump announced the immediate dismissal of Federal Reserve Governor Tim Cook on suspicion of loan fraud.
Reuters reported that on Monday (August 25), Trump publicly released a letter to Lisa Cook on social media platforms, removing her from her position at the US central bank on the grounds that she forged documents in her mortgage application.
Trump wrote in the letter: "The American people must be able to fully trust the members entrusted with the responsibility of formulating policies and supervising the Federal Reserve." Given your deceptive behavior in financial matters, which might even be a criminal act, they can't and I don't believe you have integrity either.
Cook is the first African-American woman to join the Federal Reserve Board.
Trump asked Cook to resign last week over her mortgage issues in Michigan and Georgia. Later, while visiting a theme museum at the White House, Trump told reporters, "If she doesn't resign, I'll fire her."
Cook emphasized at the time that he "would never be forced to resign due to threats."
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