Trump fires Fed Governor Cook

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.

Trump fires Fed Governor Cook

Amid fluctuating global energy prices and Indonesia's recent push to advance its biodiesel production policy, residents in the country are facing mounting pressure from higher prices for cooking oil, driven by tightening supplies.

To reduce fossil fuel reliance and strengthen fiscal resilience amid global uncertainty from the Middle East conflict, the Indonesian government will implement its B50 biodiesel policy on July 1, 2026. This initiative is expected to cut fossil fuel consumption by roughly 4 million kiloliters, representing an estimated economic value of 48 trillion rupiah (around 2.6 billion U.S. dollars).

B50 is an Indonesian biodiesel mandate requiring a 50 percent blend of palm oil-based biofuel with fossil diesel to reduce fuel imports and enhance energy security.

As a result, more of the country's palm oil is to be channeled into biodiesel production, putting further strain on the supply of palm oil used for cooking.

For many Indonesian households, palm oil is a daily cooking staple. Supply-driven price surges have made it increasingly unaffordable, pushing families to change their eating habits.

"I hope prices can return to what they were. Please don't raise them any further -- life is already getting harder, and it's tough to earn a living. Right now, I just have to cut back wherever I can and use less oil for frying," said a consumer.

The food service industry relies heavily on palm oil and has also been severely impacted. As markets anticipate ongoing supply shortages, volatile palm oil prices are already increasing costs for businesses in the sector, many of which are small, independent operations.

"Everything is going up. Our costs keep rising -- we're barely breaking even," said a food stall vendor.

Indonesian residents hit by soaring cooking oil prices