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Lisa Cook is a Federal Reserve governor and the first Black woman in this role. She was appointed in 2022 by President Joe Biden. On 25 Aug 2025, former President Donald Trump said he fired her for alleged mortgage fraud. Trump claimed she listed two homes as her main residence on loan papers. Cook denies any wrongdoing and plans to challenge her removal in court. The Federal Reserve is the US central bank that sets interest rates and controls money policy. It is usually independent from the president. Experts say Trump’s firing of Cook may not be legal. Cook’s term was to last until 2038. She has worked as an economist and advised past US presidents. The case may lead to a legal fight about the president’s power to remove Fed officials. (Updated 27 Aug 2025, 16:32 IST; source: link)