Trump Pushes Fed Governor Lisa Cook to Quit

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Former U.S. President Donald Trump has stepped up efforts to pressure Federal Reserve Governor Lisa Cook to leave her position amid unconfirmed allegations of mortgage fraud. Cook, appointed by President Joe Biden in 2022, stated she has “no intention of being bullied” into resigning.

The allegations stem from claims that Cook designated two separate homes, one in Ann Arbor, Michigan, and another in Atlanta, Georgia, as her primary residence for mortgage agreements signed in 2021. The accusations were raised by Bill Pulte, head of the Federal Housing Finance Agency and an ally of Trump, who referred the matter to the Department of Justice for review.

In a letter cited by Bloomberg, senior Trump administration official Ed Martin urged Federal Reserve Chair Jerome Powell to remove Cook immediately, writing, “Do it today before it is too late! After all, no American thinks it is appropriate that she serve during this time with a cloud hanging over her.” The Justice Department has reportedly indicated it is looking into the matter but has not released further details.

Cook responded in a public 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.”

Despite the calls for her removal, Powell has no authority under the Federal Reserve Act to dismiss a sitting governor. Reports from the Wall Street Journal suggest that Trump has explored ways to remove Cook “for cause,” though no formal action has yet been taken.

Cook is the latest public figure to face mortgage-related allegations from Trump allies. Similar claims were previously made against New York Attorney General Letitia James and California Senator Adam Schiff, both of whom have denied wrongdoing. James described the accusations as “baseless,” while Schiff accused the administration of using the justice system as a political weapon.

Critics warn that the situation risks undermining the independence of the Federal Reserve, a cornerstone of U.S. economic policy. Legal experts have noted that proving mortgage fraud in such cases can be complex, often involving questions about residency and occupancy rules.

The White House has not commented on the allegations or Trump’s demands. The Federal Reserve also declined to state the matter.