President Donald Trump on Wednesday called for the resignation of Federal Reserve Governor Lisa Cook following allegations of potential mortgage fraud.
“Cook must resign, now!!!” Trump wrote on Truth Social, in his latest broadside against the central bank, which has resisted his repeated calls to lower interest rates.
The accusations were raised by William Pulte, director of the U.S. Federal Housing Agency. In a letter to Attorney General Pam Bondi, Pulte alleged that Cook submitted mortgage documents in 2021 claiming both a Michigan residence and a Georgia condominium as primary residences. At the time, however, records indicate the Atlanta property was listed for rent, raising questions about whether it could legally be considered her primary home.
ulte, a Fed critic and close ally to Trump, asked Ms. Bondi to investigate Ms. Cook. He alleges the Fed governor “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud,” according to the Washington Times.
Cook, an economist and former Michigan State University professor, was appointed to the Federal Reserve Board by President Joe Biden and confirmed by the Senate in 2022 after a contentious partisan battle. She became the first Black woman to serve as a Federal Reserve governor, and her appointment was seen by the White House as part of an effort to diversify leadership at the central bank.
Democrats and some financial analysts defended Cook in the wake of Trump’s remarks, cautioning against politicizing the Federal Reserve at a time of economic uncertainty. Supporters noted that no formal investigation has been announced and argued that calls for her resignation are premature. Others expressed concern that the controversy could add new pressure on the Fed as it navigates decisions on interest rates, inflation, and market stability.
Neither Cook nor the Federal Reserve has commented on the allegations, and the Justice Department has not publicly responded to Pulte’s letter.
