1. US President Donald Trump has removed Lisa Cook from her position on the Federal Reserve's Board of Governors, citing alleged mortgage fraud and false statements on one or more mortgage agreements as the reason.
2. This action comes after Trump had previously urged Cook to resign last week, but she declined. Cook was appointed during Joe Biden's presidency and was expected to serve until 2038.
3. The removal of Cook could potentially lead to a majority of Trump-friendly policymakers on the Fed's seven-member board. This may escalate concerns about the independence of the Federal Reserve.
2. This action comes after Trump had previously urged Cook to resign last week, but she declined. Cook was appointed during Joe Biden's presidency and was expected to serve until 2038.
3. The removal of Cook could potentially lead to a majority of Trump-friendly policymakers on the Fed's seven-member board. This may escalate concerns about the independence of the Federal Reserve.
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Summary
US President Trump removes Lisa Cook from the Federal Reserve's Board of Governors due to alleged mortgage fraud and false statements. Previously urged to resign, she declined. Appointed during Biden's presidency, Cook was expected to serve until 2038. Removal could result in a majority of