President Donald Trump said Monday night that he’s firing Federal Reserve Governor Lisa Cook, an unprecedented move that would constitute a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics.
Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations that she committed mortgage fraud.
Cook said Monday night that she would not step down. “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 an emailed statement. “I will not resign.”
Other news we’re following:
- World shares sink after Trump escalates feud with the Federal Reserve: Following Trump’s Monday night announcement that he would be firing Cook, Germany’s DAX lost 0.5% to 24,148.16, while the CAC 40 in Paris slumped 1.6% to 7,716.55. Britain’s FTSE 100 gave up 0.6% to 9,269.40. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.1% lower. In Asian trading, most benchmarks declined.
- Democrats demand Trump resume a major offshore wind project near Rhode Island: A nearly complete wind farm off the coast of Rhode Island and Connecticut faces an uncertain future after the Trump administration abruptly halted construction, and the states’ Democratic governors, lawmakers and union workers called Monday for the president to reverse course.
- Judge rules Utah’s congressional map must be redrawn for the 2026 elections: The Utah Legislature will need to rapidly redraw the state’s congressional boundaries after a judge ruled Monday that the Republican-controlled body circumvented safeguards put in place by voters to ensure districts aren’t drawn to favor any party.
