Staff Reporter
Former President Donald Trump on Wednesday openly demanded that Federal Reserve Governor Lisa Cook resign following explosive allegations of mortgage fraud. The call came after Bill Pulte, director of the Federal Housing Finance Agency (FHFA), formally urged the Department of Justice (DOJ) to investigate Cook’s real estate dealings.
The situation marks the latest clash between Trump and the Federal Reserve, with growing pressure on Fed leadership as interest rate decisions remain a central political battleground.
📌 Story Highlights
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Trump demands Lisa Cook resign over mortgage fraud allegations
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FHFA chief Bill Pulte sends letter to DOJ seeking criminal probe
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Accusations involve properties in Michigan and Georgia
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Cook, a Biden appointee, voted to hold interest rates steady
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Trump increases pressure campaign on Fed Chairman Jerome Powell
Trump’s Direct Demand
In a fiery post on Truth Social, Trump declared:
“Cook must resign, now!!!”
The message linked to a Bloomberg report detailing Pulte’s allegations. Trump’s blunt demand underscores his ongoing push against the Federal Reserve and his criticism of officials appointed during the Biden administration.
Pulte Levels Fraud Allegations
Bill Pulte, who has emerged as one of Trump’s strongest allies in attacking the Fed, laid out his accusations in both a formal letter and on social media. He claimed that mortgage records reviewed by the FHFA raise serious questions about Cook’s property transactions.
According to Pulte’s letter, Cook allegedly falsified residence statuses for homes in Ann Arbor, Michigan, and Atlanta, Georgia, in order to secure more favorable loan terms. He further alleged that bank documents and property records may have been altered, actions he described as “potential mortgage fraud.”
Social Media Attacks
On Wednesday morning, Pulte intensified his criticism in a series of posts targeting both Cook and Fed Chairman Jerome Powell.
“Lisa Cooked is cooked,” he wrote in one post, before later adding that Trump “has cause to fire” her.
Turning his attention to Powell, Pulte quipped:
“I hear Jay Powell is scrambling this morning. He can scramble all he wants, but he might as well be scrambling eggs, because the party at the Fed is OVER!”
In another post, he insisted: “Powell must look into it or he is complicit.”
A Biden Appointee Under Fire
Lisa Cook, who was nominated to the Federal Reserve Board by President Joe Biden in 2022, has been part of key monetary policy decisions during a period of high inflation and political scrutiny of the Fed. At the central bank’s most recent Federal Open Market Committee (FOMC) meeting, Cook joined the majority in voting to keep interest rates unchanged.
This decision was at odds with Trump’s repeated calls for aggressive rate cuts, a point of tension that has fueled his broader campaign against Fed leadership.
Broader DOJ Investigations
The Justice Department has so far declined to comment on the matter, as has the Federal Reserve. However, the allegations come at a time when the DOJ is already investigating other prominent figures aligned against Trump, including Sen. Adam Schiff (D-Calif.) and New York Attorney General Letitia James, over similar mortgage-related claims.
Observers note that the case against Cook may represent a widening of Trump’s strategy to cast doubt on political and institutional opponents through accusations of financial misconduct.
A Developing Story
The allegations against Lisa Cook, the demand by Trump for her resignation, and the pressure on Jerome Powell highlight a broader struggle over the future of U.S. monetary policy. As investigations continue, the spotlight remains on the Federal Reserve and the question of whether Cook will remain in her role amid growing controversy.
This is a developing story and updates are expected as the Department of Justice reviews the claims.
The demand that Trump made for Lisa Cook to resign adds fresh turbulence to an already tense relationship between political leaders and the Federal Reserve. With the Department of Justice facing calls to investigate and both the Fed and DOJ declining comment, uncertainty now surrounds Cook’s future at the central bank.
Whether the allegations of mortgage fraud will lead to formal charges or remain part of a larger political fight, the case underscores how financial oversight and partisan battles are increasingly intertwined. For now, Lisa Cook remains in her role, but Trump’s push for her resignation ensures that pressure on the Federal Reserve will only intensify in the weeks ahead.
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