President Donald Trump said late Monday he has removed Federal Reserve Governor Lisa Cook, posting a letter on his Truth Social account that declares the dismissal "effective immediately" under his authority in Article II of the Constitution and the Federal Reserve Act. The move is believed to be the first time in the central bank’s 111-year history that a sitting governor has been fired by a president. Trump cited "deceitful and potentially criminal conduct" stemming from allegations that Cook falsely declared two properties—one in Ann Arbor, Michigan, and another in Atlanta, Georgia—as her primary residence in 2021 in order to secure favorable mortgage terms. The accusations were outlined last week by Federal Housing Finance Agency Director Bill Pulte, who referred the matter to the Justice Department. Cook, a Biden appointee confirmed in 2022, had said she would not resign and intended to address questions about her finances. Federal law permits a president to remove a Fed governor only "for cause," a standard that has never been tested in court; legal scholars expect Cook and the central bank to challenge the ouster. The firing opens a second vacancy on the seven-member Board—Adriana Kugler stepped down earlier this year—giving Trump additional scope to reshape monetary policy ahead of the Federal Open Market Committee’s meeting on Sept. 16–17. Trump has repeatedly pressed the Fed to cut interest rates, a stance Chair Jerome Powell has so far resisted. Neither Cook nor the Federal Reserve had issued a public response by early Tuesday, leaving immediate operational and legal implications for the central bank unresolved.