Federal Reserve governor Lisa Cook has said she has “no intention of being bullied” into resigning, after the Trump administration accused her of mortgage fraud. The allegations, which are unconfirmed, were made by Trump officials, including Bill Pulte, head of the US Federal Housing Finance Agency.
Pulte claimed Cook took out two mortgages in 2021 on properties in Michigan and Georgia, each time declaring the property as her principal residence. He said the agency is investigating a third property owned by Cook. The Department of Justice is reportedly examining the claims.
Cook stated she takes questions about her financial history seriously and is gathering accurate information. The Fed declined to comment, as did the justice department. Trump called for Cook’s resignation on Wednesday, and an administration official urged Fed chair Jerome Powell to remove her, despite having no legal authority to do so under the Federal Reserve Act.
Donald Trump has waged an extraordinary campaign against the Fed’s independence, demanding interest rate cuts and Powell’s resignation. The Wall Street Journal reported that Trump had discussed firing Cook “for cause,” but the White House did not respond to a request for comment.
Pulte has made similar mortgage fraud accusations against other Democrats, including New York attorney general Letitia James and California senator Adam Schiff, who have dismissed the claims as baseless or politically motivated.
