Federal Reserve Governor Lisa Cook is pushing back against calls from President Donald Trump to resign following allegations that she falsified mortgage documents years before joining the central bank.
On Wednesday, Trump wrote on his social media platform: “Cook must resign, now!!!”
His demand came shortly after Bill Pulte, director of the Federal Housing Finance Agency, posted on X part of a letter dated Aug. 15 to U.S. Attorney General Pam Bondi, accusing Cook of manipulating bank records and property filings to secure favorable loan terms.
The letter described the alleged actions as “potentially committing mortgage fraud.”
Cook’s Response: “I Will Not Be Bullied”
Cook, who was nominated to the Federal Reserve Board of Governors by former President Joe Biden in 2022 and is the first Black woman to serve in the role, issued a statement rejecting Trump’s demand.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in a statement to ABC News. “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.”
Cook stressed that the mortgage issue referenced in Pulte’s letter predates her service at the Federal Reserve.
Political Undercurrents
The clash comes as Trump has repeatedly criticized Fed Chair Jerome Powell, whom he has labeled “too late Powell” for being slow to cut interest rates, and derided as a “stubborn mule” and “numbskull.”
Cook’s current term runs through January 2038, but Trump’s demand for her resignation appears to align with his broader effort to reshape the central bank.
Earlier this month, Adriana Kugler announced her departure from the Fed board nearly six months ahead of schedule, allowing Trump to nominate Stephen Miran as a temporary replacement. If confirmed by the Senate, Miran could participate in the Fed’s September meeting.
What’s Next
While the U.S. Department of Justice has not commented on Pulte’s referral request, the allegation has already triggered a political firestorm over the independence of the Federal Reserve and the role partisan attacks play in shaping public confidence in the institution.
Cook’s refusal to step down signals she intends to weather the storm, while critics and supporters alike await further clarity on the validity of the claims.
