US President Donald Trump has called for the resignation of Federal Reserve Governor Lisa Cook. This move comes amid allegations of mortgage fraud raised by one of his allies. The demand came on Wednesday, after Federal Housing Finance Agency (FHFA) Director Bill Pulte urged the Justice Department to investigate Cook’s financial dealings.
If Cook were to step down, it would open another key seat on the Federal Reserve Board at a time when Trump is pressuring Fed Chair Jerome Powell to deliver steep interest rate cuts.
Trump, who has long been critical of the Federal Reserve’s policies, especially under Powell, posted on his social media platform, “Cook must resign, now!”
What actually happened?
The controversy began when Pulte alleged in a series of posts on X that Lisa Cook listed a condominium in Atlanta as her primary residence while also claiming her Michigan home as her primary residence after securing a loan on it. According to Pulte, the FHFA had obtained Cook’s mortgage records, which showed two loans issued in June and July 2021.
Notably, Pulte released part of a letter he sent to US Attorney General Pam Bondi. In the letter, he argued that Cook’s actions amounted to misconduct. “She needs to quit because what she did is grounds for firing,” he wrote.
Cook has not commented publicly on the accusations. Both the Federal Reserve and the Justice Department declined to issue any statements. No charges have been filed against Cook, and it remains uncertain whether Attorney General Bondi will pursue Pulte’s request for an investigation.
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Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
