At Spelman College in Atlanta, Lisa Cook is regarded as the “personification of excellence,” according to Darlene Smith-Garner, a 2023 graduate of the historically Black women's institution where Cook also completed her studies. “We see her as one of our great alumnae, a model,” Smith-Garner stated. “To achieve her current status, she had to overcome numerous challenges and fight hard. And that’s exactly what she will continue to do, not only for her job but also for what is right.”
Cook's latest battle involves former President Donald Trump, who has taken steps to remove her from her position on the Board of Governors at the Federal Reserve. On Monday, Trump sent Cook a letter indicating her termination, following accusations from Federal Housing Finance Agency Director Bill Pulte that she falsified bank records to secure favorable mortgage terms prior to her appointment. Cook, 61, responded in a statement, asserting that Trump “purported to fire me ‘for cause’ when no legal grounds exist, and he lacks the authority to do so. I will not resign. I will continue to fulfill my duties to support the American economy, as I have been doing since 2022.”
Cook’s attorney, Abbe Lowell, announced plans to file a lawsuit contesting the basis of her dismissal. A spokesperson for the White House emphasized that Trump “exercised his lawful authority to remove” Cook from her position. Fighting for justice and equity has been a defining characteristic of Cook’s academic and professional journey, highlighted by her historic achievement as the first Black woman to serve on the Federal Reserve’s Board of Governors.
Originally hailing from Milledgeville, Georgia, a town that served as the state capital from 1804 to 1868, Cook's early life was marked by adversity. After the Civil War, the capital relocated to Atlanta, resulting in economic challenges for Milledgeville. Cook and her sister were among the first Black students to integrate their local schools, and she has recounted the physical scars she bears from that tumultuous period during desegregation.
Throughout her career, Cook has conducted extensive research on the impact of racial discrimination, including segregation and Jim Crow laws, on the broader American economy. In a 2020 article for the New York Times, she highlighted that discrimination “inflicts a staggering cost on the entire economy.” Her academic work points to the severe implications of domestic terrorism and violence against Black individuals, suggesting that such factors have led to over 1,100 missing patents, which in turn affects the direction and quality of innovation and economic growth.
Cook's influence extends beyond the United States; she has advised governments in Nigeria and Rwanda on banking reform and economic development. Following her education at Spelman, she attended Oxford University and the University of California, Berkeley, where she earned a Ph.D. in economics. Cook also served as an adjunct professor at Harvard University and taught economic policy at Michigan State University. During the Obama administration, she was appointed to the White House Council of Economic Advisers.
Despite her impressive credentials, Cook has faced significant resistance, particularly from Senate Republicans during her confirmation hearing. JD Vance, a former Republican senator from Ohio, criticized her focus on diversity, claiming it could detract from more critical issues. Peter Navarro, a former economic adviser to Trump, dismissed her qualifications, suggesting she was “more qualified to coach an NFL team” than to serve on the Federal Reserve Board. Following her narrow confirmation, then-Senator Sherrod Brown remarked that no Republicans voted in favor of her appointment, highlighting the historic nature of her role.
At the Federal Reserve, Cook has contributed to several committees, including the Consumer and Community Affairs Committee, which oversees the implementation of laws designed to protect consumers in financial transactions. She is also a member of the Financial Stability Committee and the Subcommittee on Smaller Regional and Community Banking. New York Fed President John Williams praised Cook, stating that she consistently brings integrity and a commitment to the Federal Reserve's mission.
As a voting member of the Federal Open Market Committee, Cook has typically aligned with Fed Chair Jerome Powell's stance on maintaining interest rates. Her permanent voting rights are secured until her 14-year term concludes. Should she be removed, it would likely pave the way for Trump’s nominees to gain a majority on the Fed’s board, a scenario that the Economic Policy Institute has warned against.
Concerns regarding the independence of the Federal Reserve have been raised in light of Cook’s situation. A spokesperson from the Fed reiterated that the Federal Reserve Act permits the president to remove governors only “for cause.” Columbia University law professor Lev Menand noted that valid reasons for removal would include misconduct directly related to her role, such as corruption or bribery. As of now, Cook has not been charged with any crime, and the financial documents in question are from before her tenure.
Cook’s future is uncertain as she finds herself once again in the spotlight, alongside other prominent figures targeted by the Trump administration. Pulte’s claims of financial impropriety also extend to New York Attorney General Letitia James and Senator Adam Schiff, both of whom have investigated Trump. In response to the accusations against her, Trump stated that Cook’s alleged infraction, related to her oversight of mortgages, necessitated her removal.
House Minority Leader Hakeem Jeffries criticized the attempt to oust Cook, calling it baseless. The Congressional Black Caucus labeled the effort as an “unlawful attack on the integrity and independence of the Federal Reserve.” Senator Elizabeth Warren, a prominent supporter of Cook during her nomination, condemned the move as an “authoritarian power grab.”
Cheryl W. Turner, international president of Delta Sigma Theta, Cook's historically Black sorority, expressed strong disapproval of the attempt to remove her, warning that it threatens the integrity of the Federal Reserve and has serious implications for families and communities. “As a women’s organization committed to justice, scholarship, service, and economic development, Delta Sigma Theta unequivocally opposes any efforts to silence Black women, whose leadership is essential for the progress of our nation,” she stated.
In a recent statement, Cook affirmed her commitment to addressing questions about her financial history while emphasizing her determination not to be coerced into resigning due to unsubstantiated claims. Her steadfast resolve embodies the spirit of resilience and excellence that Spelman College instills in its graduates.
