Trump Calls for Fed Member’s Resignation Over Fraud Allegations

President Donald Trump urged Federal Reserve official Lisa Cook to resign on Wednesday due to allegations surrounding mortgage fraud.

In a post on a social media platform, Trump stated, “Cook must resign, now!!!” His comments came shortly after Bill Pulte, the Director of Federal Housing Financial Institutions, indicated on the same platform that Cook was being referred to the Department of Justice (DOJ) regarding the accusations.

According to a criminal referral sent to the DOJ, it’s alleged that Cook designated an out-of-state condominium as her primary residence merely two weeks after obtaining loans for her Michigan home, which she initially declared as her primary residence. Pulte remarked, “When someone commits a mortgage scam, they undermine the faith and integrity of our system. It doesn’t matter who you are—no one is above the law.”

Pulte added, “We sent a criminal referral to the Department of Justice regarding the allegations against Ms. Cook. The DOJ should follow the facts wherever they may lead.”

Cook was nominated by former President Joe Biden to serve on the Federal Reserve’s Board of Governors in 2022, following a recommendation from Senator Sherrod Brown, who recently lost his re-election bid.

In a similar vein, allegations of mortgage fraud have been a point of discussion for Democrat Senator Adam Schiff from California.

Trump has criticized Federal Reserve Chairman Jerome Powell for maintaining high interest rates and has suggested Powell should resign, a sentiment echoed by Pulte. However, Powell reportedly intends to serve out the remainder of his term, which ends next May.

A spokesperson for the Federal Reserve Board did not provide an immediate response to Trump’s call for Cook’s resignation.