Trump's Attempt to Dismiss Fed's Cook Led to $1.3M in Costs

WHO:

The Guardian - Lisa Cook, Federal Reserve governor; Donald Trump, President; Bill Pulte, director of the Federal Housing Finance Agency.

CNBC - Lisa Cook, Federal Reserve governor; Donald Trump, President; Bill Pulte, director of the Federal Housing Finance Agency.

WHAT:

The Guardian - Lisa Cook faced more than $1.3 million in legal and security fees after Trump’s attempt to fire her.

CNBC - Cook incurred more than $1.3 million in legal and security expenses following Trump's attempt to fire her in August.

The Guardian - Trump fired Cook from her role on the Federal Open Market Committee (FOMC).

CNBC - Trump attempted to remove Cook from the Fed's board while alleging she committed mortgage fraud.

WHERE:

The Guardian - Cook was appointed to the Federal Open Market Committee (FOMC).

CNBC - Cook spoke at the National Association of Business Economics (NABE) economic policy conference in Washington, DC.

WHEN:

The Guardian - Cook's term is set to end in 2038.

The Guardian - The Supreme Court case regarding Cook's firing is expected to be decided before the end of June.

CNBC - Trump attempted to fire Cook in August.

WHY:

The Guardian - Trump targeted Cook as part of his campaign to push the Fed to cut interest rates.

The Guardian - Cook accused the administration of “cherrypicking” discrepancies for political reasons.

HOW:

The Guardian - Two non-profit organizations reimbursed Cook for more than $1 million for legal and security services.

CNBC - Cook sued to block her firing and has remained on the board pending the outcome of that lawsuit.

(UPDATED June 18, 2026 23:41 UTC)

Lisa Cook, a Federal Reserve governor, has incurred over $1.3 million in legal and security expenses following President Trump's attempt to fire her last August, during which he alleged she committed mortgage fraud. Trump removed Cook from her position on the Federal Open Market Committee, a move she is currently contesting in court, with a Supreme Court decision expected before the end of June. Cook's term is set to last until 2038, and she has received reimbursement from two non-profit organizations for her legal fees as she fights to remain on the board.