Who is Lisa Cook, the Federal Reserve Governor Trump just fired?

Washington: Lisa D. Cook, a trailblazing economist and the first African-American woman to serve as a Federal Reserve governor, was dismissed by President Donald Trump on Monday amid allegations of mortgage fraud.

Trump announced the firing via his Truth Social account, stating, “I have determined that there is sufficient cause to remove you from your position.” The dismissal comes days after the president publicly called on Cook to resign, following allegations that she falsely claimed two separate mortgages as her primary residences.

The accusations were brought forward by William Pulte, Trump’s appointee to head the U.S. Federal Housing Finance Agency. The Department of Justice has since confirmed it is investigating the matter.

Who is Lisa Cook?

Before her appointment to the Federal Reserve, Cook held a professorship at Michigan State University, where she taught economics and international relations. She also directed the American Economic Association’s Summer Training Program from 2018 to 2021 and was a research associate at the National Bureau of Economic Research.

Earlier in her career, she was on the faculty at Harvard University’s Kennedy School of Government, where she served as Deputy Director for Africa Research at the Center for International Development. She was also a National Fellow at Stanford University, underscoring a long academic track record in economics and public policy.

Government service under Obama

Cook has previously served in key government roles. Under President Barack Obama, she was a senior economist on the Council of Economic Advisers from 2011 to 2012. Prior to that, she worked in the U.S. Treasury’s Office of International Affairs as a senior adviser on finance and development from 2000 to 2001.

Education and credentials

Cook holds a BA in philosophy from Spelman College and a second BA in Philosophy, Politics, and Economics (PPE) from Oxford University, where she studied as a Marshall Scholar. She earned her PhD in economics from the University of California, Berkeley.

Federal Reserve appointment

Lisa Cook was first sworn in as a Federal Reserve Board governor on May 23, 2022, filling an unexpired term that ended in January 2024. She was reappointed on September 13, 2023, for a full term extending through January 31, 2038.

Her appointment was hailed as historic, marking the first time a Black woman served on the Fed’s Board. Advocates praised her for bringing long-overdue diversity and a broader perspective on economic inequality and access.

The allegations and subsequent firing have brought Cook’s career to an abrupt and controversial halt. While the investigation remains ongoing, her removal is likely to deepen partisan divides over the independence of the Federal Reserve and the politicization of federal appointments.