‘Racist, misogynistic, and unlawful attack’: Trump’s attempt to fire Lisa Cook draws accusations of authoritarianism

The presidential act sets up an unprecedented legal battle and challenges the independence of the Federal Reserve.

Donald Trump became the first president to attempt to remove a member from the Federal Reserve Board of Governors in the central bank’s 111-year history. In a letter on Monday, President Trump announced that Lisa Cook, the first Black woman and woman of color to serve on the Fed board, was “removed” from her Senate-confirmed, 14-year-long role “effective immediately.”

The presidential act sets up an unprecedented legal battle. It challenges the independence of the Federal Reserve, which Trump has pressured to lower interest rates for months despite pushback from Board Chairman Jerome Powell.

Democrats are slamming Trump’s attempt to oust Cook as politically and racially motivated, warning the move drives further concerns about the president’s authoritarian style of governance and its economic consequences.

U.S. Congresswoman Maxine Waters of California, the ranking Democratic member of the House Financial Services Committee, which oversees the Federal Reserve, said Trump’s targeting of Cook is “what authoritarianism looks like.”

Waters said in a statement: “Donald Trump’s attempt to fire Dr. Lisa Cook is a flagrant, dangerous assault on the independence of the Federal Reserve (Fed) and part of the ongoing effort to force the central bank into slashing interest rates and doing whatever else he wants. Let me be crystal clear: removing Dr. Cook from the Board without legitimate cause is unconstitutional, and I am confident it will not stand in court.”

The Congressional Black Caucus, known as the “conscience of the Congress,” called Trump’s action a “racist, misogynistic, and unlawful attack.”

“Governor Lisa Cook is a highly respected economist who has dedicated her career to dismantling barriers to innovation and economic participation. Since joining the Federal Reserve Board, Dr. Cook has brought invaluable expertise and maintained an independent, principled judgment,” said U.S. Congresswoman Yvette D. Clarke of New York, chairwoman of the Congressional Black Caucus, on behalf of the 62-member caucus.

In his letter to Cook announcing her removal, Trump accused the Fed governor of committing mortgage fraud—an accusation first made by Bill Pulte, Trump’s director of the Federal Housing Finance Agency, which is being criminally investigated by the Department of Justice. Pulte has repeatedly used social media to target individuals who stand in the way of Trump’s agenda. However, Trump’s action may not be legal.

According to the New York Times, under the Federal Reserve Act, the president may dismiss a governor only if they can demonstrate cause, “typically defined as professional neglect or malfeasance.” The accusations made against Lisa Cook, who has not been charged or convicted of a crime, are personal matters.

In a statement through her lawyer, Abbe Lowell, Cook said that “no cause exists under the law” to justify Trump’s move to remove her from her post.

“I will not resign,” said Cook. “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

Lowell said Cook would “take whatever actions are needed to prevent” her firing.

The effort to fire Cook comes after Trump, for weeks, threatened to fire Powell, the Fed board chairman, because he disagreed with Powell’s monetary policy decision not to cut interest rates. Powell has maintained that his decision was necessary to bring down inflation.

Following the unexpected resignation of Federal Reserve Board governor Adriana Kugler and Powell’s departure in May 2026, removing Cook would allow Trump the chance to fill the Board of Governors with loyalists who could be swayed to the president’s will.

“Trump’s vision is to replace Dr. Cook in order to secure a majority on the Board of Governors and more quickly gain full control over monetary policy,” said Congresswoman Waters, a longtime and vocal political opponent of Trump. She continued, “A Trump-run Fed would be making monetary policy decisions for his personal and political gain instead of the public good – similar to what happens in authoritarian regimes like Russia and Venezuela.”

The Congressional Black Caucus similarly said Trump’s attacks on Cook are a “blatant effort to distract from his failure to lower costs for Americans and a transparent attempt to install a loyalist at the central bank who will carry out his agenda without question.”

The Black members of Congress added, “It is a dangerous attempt to politicize and exert control over the central bank — one that will only continue to damage the economy, harm hardworking Americans, and undermine our credibility on the world stage.”