PANews reported on August 26 that US President Trump announced the immediate removal of Federal Reserve Board member Lisa D. Cook from her position in accordance with Article II of the US Constitution and the Federal Reserve Act as amended in 1913.

The reasons for his removal include allegations of providing false information in mortgage agreements. According to a criminal referral report filed by the Federal Housing Finance Agency on August 15, Cook had stated properties in Michigan and Georgia as his primary residence in two separate documents, a practice deemed fraudulent and potentially criminal. This incident raises questions about his integrity and competence as a financial regulator.