UPDATE: 8-28-2025: Federal Reserve Governor Lisa Cook filed a lawsuit against the Trump administration Thursday (Aug. 28) in an effort to “confirm her status.”
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President Donald Trump continues his mission to control all agencies, independent or otherwise.
In a move sparking outrage, Trump fired Federal Reserve Governor Lisa Cook late Monday. Cook, the first Black woman to serve on the Board of Governors after her 2022 appointment, was dismissed, according to the President, due to accusations of mortgage fraud on two properties in Michigan and Georgia a year prior.
Social media is ablaze with accusations of hypocrisy, given Trump’s own history of alleged mortgage fraud.
As TikToker @theexecutivetea_ put it, “He is claiming that he fired her because of mortgage fraud, but there is no evidence of that. So she is surely going to be fighting this in court,” adding “And the irony of him trying to remove her because of fraud when he actually is a proven fraudster who has had to pay people back because of his fraud. But that’s a whole another story. When we tell y’all that Trump is behaving like a dictator, we are not lying.”
The announcement came days after Cook said she wouldn’t leave her position despite Trump previously pushing her to step down. The 61-year-old cited “no causes under the law, and he has no authority” to remover her from the job.
The Fed’s board has seven members, meaning Cook’s removal could impact U.S. central bank efforts economically and politically.
Some users believe Trump is trying to appoint loyalist to bolster his control over independent agencies and the overall government.
“We have the first black female governor over the Federal Reserve and a felon for a president trying to tell her they have cause to fire her over possible favorable mortgage terms. That’s it. There’s no other reason outside of the fact that they are just trying to replace everyone with who they want in. And do you know when Lisa Cook said, I’ll be at work tomorrow. So, basically, we just have to see how this all plays out,” TikToker @blkpepperpotts said.
The rates of the housing market have also been a cause for concern for the government. However, critics say firing another Black woman from office instead of addressing the nation’s current high cost of living will not fix the problem.
“One of his allies said she did this because the rates of the housing market will not go down,” TikToker @beautybabez_1982 said. “You know why it’s not going down? Because the cost of living has skyrocketed. Nobody has money to buy homes or properties because of this reason.”
The tikToker added, “People are losing jobs. And guess who are the number one people who have been losing jobs since this man got into the office? Black women.”
Trump has stated his intention to appoint only officials who favor interest rate cuts. The crucial next step is to observe whether the President will have this opportunity, especially in light of Cook’s potential lawsuit.
No president has attempted to fire a Fed governor in the institution’s 112-year history until now.
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