So much Finding Out right now.

Trump's letter directly invoked Article II of the Constitution and the Federal Reserve Act, telling Cook: "You are hereby fired from your position on the Board of Governors of the Federal Reserve, effective immediately."

The firing stemmed from a criminal referral dated August 15, 2025, alleging Cook submitted conflicting mortgage documents for properties in Michigan and Georgia.

Trump stressed his duty to enforce the law, stating: "The executive power of the United States is vested in me as President... I have determined that faithfully executing the law requires your immediate firing from office."

...

At the heart of the firing is a criminal referral sent on August 15, 2025, from Federal Housing Finance Agency Director Bill Pulte to Attorney General Pam Bondi. That referral accused Cook of falsifying records to obtain more favorable mortgage terms, highlighting discrepancies between a $203,000 Ann Arbor home she purchased in June 2021 and a $540,000 Atlanta condo she purchased just two weeks later. In both cases, Cook affirmed the properties would serve as her "primary residence." By 2022, however, the Atlanta condo was listed for rent, raising concerns that she misrepresented the mortgage status and potentially failed to disclose rental income.

Trump wrote in his letter that the referral was sufficient to establish cause for firing under 12 U.S.C. 242: "You signed one document attesting that a property was an owner-occupied residence while you signed another attesting that the same property was an investment property."

The president underscored the importance of integrity in the Federal Reserve's leadership: "The Federal Reserve has tremendous responsibility for setting interest rates and regulating financial markets and banks. That authority must only be vested in officials who are beyond reproach."

As you know, Trump has his eye on the Fed because they refuse to cut interest rates -- a favor they did for Biden even in the face of never-ending "transitory" inflation.

The pressure might have gotten to Fed chief Jerome Powell, because he's hinting at a likely quarter-point fed rate cut in September. That's the smallest possible cut, but it's still a cut.