US President Donald Trump on Wednesday called for the resignation of Federal Reserve governor Lisa Cook, citing allegations raised by Federal Housing Finance Agency Director Bill Pulte over mortgages Cook holds in Michigan and Georgia.
“Cook must resign, now!!!” Trump wrote on his social media platform, following Bill Pulte's allegation against Cook in a post on X.
Pulte alleged that Cook had simultaneously claimed two properties — a home in Michigan and a condo in Atlanta — as her primary residence while holding separate mortgages. He urged US Attorney General Pam Bondi to investigate the matter.
Cook, however, rejected the calls, saying she had “no intention of being bullied to step down.”
"I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve," Cook said in a statement
Lisa Cook was nominated to the Fed board by former president Joe Biden and her term is not scheduled to expire until 2038.
Cook's resignation would allow Trump to make another appointment to the seven-member board, potentially tilting its balance in favour of Republican appointees and reshape the US central bank, which is structured to operate independently of the White House.
The controversy marked the latest in a series of Trump administration efforts to pursue mortgage-related probes against Democratic figures. Last year, New York Attorney General Letitia James won a $355 million civil fraud judgment against Trump for inflating his net worth, a verdict he is appealing.
Earlier this summer, Pulte also sought a Justice Department probe into alleged mortgage fraud by Democratic Senator Adam Schiff, who led Trump’s 2019 impeachment trial. Both James and Schiff have denied any wrongdoing.
“Cook must resign, now!!!” Trump wrote on his social media platform, following Bill Pulte's allegation against Cook in a post on X.
Pulte alleged that Cook had simultaneously claimed two properties — a home in Michigan and a condo in Atlanta — as her primary residence while holding separate mortgages. He urged US Attorney General Pam Bondi to investigate the matter.
Here is the Criminal Referral Letter on Lisa Cook, the current Fed Governor. pic.twitter.com/aG0LGnokei
— Pulte (@pulte) August 20, 2025
Cook, however, rejected the calls, saying she had “no intention of being bullied to step down.”
"I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve," Cook said in a statement
Lisa Cook was nominated to the Fed board by former president Joe Biden and her term is not scheduled to expire until 2038.
Cook's resignation would allow Trump to make another appointment to the seven-member board, potentially tilting its balance in favour of Republican appointees and reshape the US central bank, which is structured to operate independently of the White House.
The controversy marked the latest in a series of Trump administration efforts to pursue mortgage-related probes against Democratic figures. Last year, New York Attorney General Letitia James won a $355 million civil fraud judgment against Trump for inflating his net worth, a verdict he is appealing.
Earlier this summer, Pulte also sought a Justice Department probe into alleged mortgage fraud by Democratic Senator Adam Schiff, who led Trump’s 2019 impeachment trial. Both James and Schiff have denied any wrongdoing.
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