In a move that has sparked controversy, U.S. President Donald Trump announced the dismissal of Federal Reserve Board member Lisa D. Cook. This decision was taken under the authority granted by Article II of the U.S. Constitution and the Federal Reserve Act, which was amended in 1913. The dismissal follows allegations regarding false information presented in mortgage agreements. A report from the Federal Housing Finance Agency, submitted on August 15th, revealed Cook stated properties in Michigan and Georgia as her primary residences in two separate documents. These actions are deemed fraudulent and potentially criminal, raising concerns about Cook’s integrity and competence as a financial regulator.