President Donald Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign, citing an allegation of potential mortgage fraud.
“Cook must resign, now!!!” Trump wrote on his social media platform.
Earlier Wednesday, Bill Pulte, the director of the Federal Housing Finance Agency, posted on the social media platform X part of an Aug. 15 letter sent to U.S. Attorney General Pam Bondi accusing Cook of falsifying bank documents and property records to acquire more favorable loan terms, “potentially committing mortgage fraud,” the letter stated.
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Trump’s post included a link to a Bloomberg report about Pulte’s request for an investigation.
In a statement provided to ABC, Cook said she learned from the media about Pulte’s letter seeking a criminal referral over the mortgage application, which predated her time with the Federal Reserve.
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“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in the statement. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Trump’s call for Cook to step down comes as he has repeatedly denounced Federal Reserve chair Jerome Powell, whom he has dubbed “too late Powell” for not cutting interest rates as well as a “stubborn mule” and “numbskull.”
Cook was nominated to serve on the board of governors in 2022 by former President Joe Biden. Her term runs until January 2038. Cook is the first Black woman in history to serve on the Federal Reserve Board of Governors.
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Trump appears to be rallying for another open seat on the board, which would allow him to appoint someone more aligned with his views. The president was able to nominate a Federal Reserve governor almost six months ahead of schedule when Adriana Kugler announced earlier this month she was stepping down.
The president picked Stephen Miran to temporarily serve on the Fed board. If Miran is confirmed by the Senate in time, he could be on the board for its September meeting.
