Trump fires Fed chief, says he has no confidence in Lisa Cook's 'integrity'

U.S. President Donald Trump has fired Federal Reserve Governor Lisa Cook. The decision, which takes immediate effect, was announced in a letter posted Monday evening, the 25th, on the Truth Social network.

+ Government will buy food from producers affected by tariff hike; see list

Trump reportedly targeted Cook after an accusation that she had committed mortgage fraud. Explaining his dismissal, the US president said he had "no confidence in Cook's integrity" and also cited his consideration of Article 2 of the US Constitution and the Federal Reserve Act of 1913 in determining the situation.

The Federal Reserve Act allows, according to Trump, for justifiable dismissal. "I have determined that there is sufficient cause to remove her from her position," he said.

"The Federal Reserve has an enormous responsibility in setting interest rates and regulating reserves and member banks. The American people must have full confidence in the honesty of the members who set policy and oversee the Federal Reserve. In light of their deceptive and potentially criminal conduct of a financial matter, they cannot, and I have no confidence in their integrity," Trump said.