Florida Senator Rick Scott (R) praised President Donald Trump for removing Federal Reserve Governor Lisa Cook while criticizing the current Fed Chairman Jerome Powell.
“After years of no accountability under Jerome Powell’s tenure at the [Federal Reserve], [President Trump] is doing the right thing to hold people accountable, protect American families, and restore trust in the Fed. Thank you, President Trump!” he said.
Sen. Scott’s statement was in response to President Trump’s official letter to former Fed Governor Cook, where the president “relieved” her of her position.
The letter stated the reason for Cook’s dismissal, which included reporting “false statements on one or more mortgage agreements” as Cook had signed a document stating her place of residence in a house in Michigan and then two weeks later signed another document stating her place of residence to be a house in Georgia.
“There is sufficient reason to believe you may have made false statements on one or more mortgage agreements. For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year.” Trump wrote. “It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both.”
The president continued, arguing that the Fed Governor’s role requires integrity and public trust, but accused Cook of deceitful and negligent financial conduct that undermined the needed competency and honesty required to hold the position.
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks. The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity,” he added.
President Trump closes the letter, writing, “The executive power of the United States is vested in me as President and, as President, I have a solemn duty to ensure that the laws of the United States are faithfully executed. I have determined that faithfully executing the law requires your immediate removal from office.”
