President Donald Trump publicly called on Federal Reserve Governor Lisa Cook to resign, citing serious allegations of mortgage fraud.
The call for resignation came after Federal Housing Finance Agency (FHFA) Director Bill Pulte urged the Department of Justice to investigate Cook for allegedly misrepresenting her primary residence on mortgage documents.
The big picture: Pulte alleged that Cook designated a condominium in Atlanta as her primary residence while also claiming a Michigan home as her primary residence, raising questions about the legitimacy of her mortgage loans.
- According to Pulte’s statements and a letter to U.S. Attorney General Pam Bondi, the FHFA obtained mortgage documents relating to two loans taken out in June and July 2021 that form the basis of the allegations.
- Trump amplified these claims on his social media platform, writing in an emphatic post: “Cook must resign, now!!!” and asserting that her actions are grounds for firing.
Driving the news: Trump has previously criticized the Federal Reserve and its Chair, Jerome Powell, over interest rate policies, repeatedly calling for significant rate cuts.
- He has also suggested removing Powell, signaling his desire to reshape the monetary policy leadership.
- Recently, Trump named Stephen Miran, Chairman of the Council of Economic Advisers, to complete the term of Federal Reserve Governor Adriana Kugler, who exited unexpectedly.
