President Trump Calls for Federal Reserve Gov Lisa Cook to Resign Amid Mortgage Fraud Allegations

By The Blog Source

On Wednesday, following a referral accusing Lisa Cook of fabricating mortgage records, President Donald Trump called for her resignation as governor of the Federal Reserve. If confirmed, the claims might amount to mortgage fraud, which is why Trump said, "Cook must resign now!!!"

Cook "has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes," according to a letter written by Bill Pulte, chair of the Federal Housing Financing Agency, to Attorney General Pam Bondi. He cited mortgages that were concurrently listed as Cook's primary address in Georgia and Michigan.

Trump's supporters see the debate as part of a larger attempt to defend firing Fed governors who oppose his call for lower interest rates, according to Axios. According to Trump, he will only appoint central bank officials who concur that interest rates should decline. Requests for response from the Federal Reserve, the Justice Department, and Cook were not answered. Bondi has not been charged, and it's unclear if he will look into the matter further.

In response to accusations that Governor Lisa Cook had manipulated mortgage records, President Donald Trump increased pressure on the Federal Reserve on Wednesday and demanded her resignation. The push follows a referral to Attorney General Pam Bondi from Federal Housing Financing Agency chair Bill Pulte, who claimed Cook may have committed mortgage fraud by listing two different houses as her primary residence: one in Atlanta, Georgia, and one in Michigan.

"It appears Cook has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes," Pulte wrote in his letter, warning that Cook's activities might have breached criminal statutes.

Trump took offense at the accusations and wrote on Truth Social, "Cook needs to step down immediately!!!" Axios claims that the effort to fire Cook is a component of Trump's larger plan to restructure the central bank with leaders who support his interest rate-cutting agenda. The president would have another chance to name a new governor if someone resigned.

The charges are the most recent example of Trump and his supporters targeting Democrats over suspected mortgage irregularities. Previously targeted were Attorney General Letitia James of New York and Representative Adam Schiff (D-CA). Cook has not been charged, but the referral shows that Trump's regulators are prepared to put direct pressure on the Fed.

Cook has always been a contentious figure who was harshly criticized by Senate Republicans when she was confirmed in 2022. She previously advocated for the Fed to prioritize lowering Black unemployment over broader labor market measures, supported the creation of a federal reparations commission, and demanded that the University of Chicago fire economist Harald Uhlig for criticizing Black Lives Matter, as reported by Breitbart News. Cook accused Uhlig of racial harassment in 2020, claiming that "free speech has its limits."

Both the Federal Reserve and the Justice Department declined to comment on the referral. Late Tuesday, Cook did not answer questions from the media. For the time being, the already tense relationship between the White House and the central bank is further complicated by Trump's demand.

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