President Donald Trump does not have the power to fire Federal Reserve governors at will, as he does members of the National Labor Relations Board. But he has fired governor Lisa Cook for cause, which is allowed under statute, alleging she made false statements on a mortgage application in 2021. The evidence that Cook made false statements is substantial, and incompetence is no defense for someone with her financial regulatory powers. The public simply cannot and should not stand for a government that allows the rich and powerful to game the financial system with impunity.

Trump announced Cook’s dismissal unceremoniously on social media at the end of August after Federal Housing Finance Agency Director Bill Pulte alleged Cook had claimed primary residences on mortgage applications, one in Michigan and another in Georgia, in 2021 to get better mortgage terms.