Trump fires Fed Governor Cook

China

Trump fires Fed Governor Cook

2025-08-26 16:12 Last Updated At：17:37

U.S. President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook over allegations that she committed mortgage fraud.

"Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately," Trump wrote in a letter to Cook, posted on his Truth Social platform Monday.

"The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks," Trump wrote in the letter. "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."

Federal Housing Finance Agency Director Bill Pulte on Wednesday publicly accused Cook of mortgage fraud and sent a criminal referral to the Justice Department.

Trump, on the same day, called for Cook's resignation in response to Pulte's claims, followed by Cook's statement in which she emphasized she had "no intention of being bullied to step down from my position because of some questions raised in a tweet."

U.S. Congress curbed the president's authority to unilaterally fire a Fed governor in the Federal Reserve Act of 1913, which states that the president can only do so "for cause." But the law does not elaborate on what constitutes "cause."

Therefore, Trump's firing may trigger a legal showdown, which will likely lead to a legal clash that could wind up at the Supreme Court, local media reported.

The move also exacerbates concerns about the Federal Reserve's independence under the Trump administration.

Cook was nominated by former President Joe Biden in 2022. If she comes down, Trump will be able to nominate her replacement and reshape the Fed's governing board for the next several years, said the report.

Megawatt hydrogen turboprop engine completes maiden flight in central China

A 7.5-tonne unmanned cargo aircraft powered by AEP100, China's independently developed megawatt-class hydrogen-fueled turboprop engine, successfully completed its maiden flight on Saturday at an airport in Zhuzhou, central China's Hunan Province.

This marks the world's first test flight of a megawatt-class hydrogen-fueled turboprop engine.

Experts from the Aero Engine Corporation of China (AECC) noted that the successful maiden flight highlights that China has now established a complete technological chain in hydrogen-fueled aviation engines, covering everything from core components to full engine integration. They added that this achievement lays the foundation for the industrial application of hydrogen energy in aviation.

As green hydrogen production costs fall, hydrogen aviation engines will show growing economic and energy security advantages, experts said. Hydrogen-fueled aero engine technology is expected to debut in low-altitude economy fields such as unmanned air freight and island logistics before gradually expanding to regional and mainline aircraft.

This technology will drive coordinated upgrades across industrial clusters, including upstream green hydrogen production, midstream storage, transportation and refueling infrastructure, and downstream high-end equipment and new materials. Ultimately, it will propel the green, low-carbon, and high-quality development of China's aviation industry, experts added.