Lisa Cook defying the president

First Black woman on Fed board plans to sue Trump over job threat

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LISA COOK was appointed to the Federal Reserve's Board of Governors by President Biden in May 2022.

In an_ unprecedented move, President Trump said that he’s firing Federal Reserve Governor Lisa Cook — marking a sharp escalation in his efforts to exert greater control on one of the most powerful financial institutions in the world.

Trump took to social media Monday night to announce that he would be removing Cook, effective immediately, over allegations that she committed mortgage fraud before she joined the board. In response, Cook said that she would not step down — and maintained that the president has no authority to fire her.

“I will continue to carry out my duties to help the American economy as I have been doing since 2022,” she said in an emailed statement. An attorney for Cook later said that she would be suing to challenge Trump's action.

Cook made headlines three years ago when she became the first Black woman to serve on the Fed’s Board of Governors, which votes on the central bank’s key interest rate decisions. Prior to her appointment to the board, she was a longtime economics professor and also held roles in the Clinton, GW. Bush and Obama administrations.

Here’s what to know about Lisa Cook.

How long has Cook been on the board?

Cook was appointed to the Fed’s board by President Biden in 2022. Her nomination was opposed by most Senate Republicans, and she was approved on a 50-50 vote with the tie broken by then-Vice President Kamala Harris.

When she took office, Cook became the first Black woman to serve as a Fed governor in the institution’s more than century-long history. She initially filled an unexpired term and was reappointed the following year. Her appointment runs through January 2038.

What did Cook do in the past?