WASHINGTON, D.C. — President Donald Trump escalated his campaign against the Federal Reserve on Wednesday, August 20, 2025, demanding the resignation of Governor Lisa Cook after Federal Housing Finance Agency Director Bill Pulte accused her of mortgage fraud. In a Truth Social post, Trump wrote, “Cook must resign, now!!!,” amplifying Pulte’s allegations that Cook falsified documents to secure favorable loan terms, according to Reuters. The claims center on mortgages Cook took out in 2021 for properties in Ann Arbor, Michigan, and Atlanta, Georgia, both declared as primary residences, potentially violating lending rules.
Pulte, a Trump appointee, detailed the allegations in a letter to Attorney General Pam Bondi, calling for a Justice Department probe. “Lisa Cook says she will answer all legitimate questions. Let’s start with this. Are these your signatures on Mortgages?” Pulte posted on X, sharing document images, per BBC. Cook, the first Black woman on the Fed’s board, responded firmly, stating, “I have no intention of being bullied to step down from my position because of some questions raised in a tweet.” She noted the applications predate her 2022 Fed appointment and pledged to provide accurate financial details, per Reuters.
Key points of the controversy include:
- Allegations: Cook allegedly claimed two homes as primary residences in 2021.
- Trump’s Strategy: Part of broader efforts to influence the Fed’s independent monetary policy.
- Political Context: Similar claims target Democrats like Sen. Adam Schiff and AG Letitia James.
Sentiment on X, including posts from @GlobalMarketsX, reflects skepticism about the allegations’ motives, with some calling it political posturing. Cook’s term extends to 2038, complicating Trump’s push for Fed control. As the Justice Department reviews the claims, the dispute underscores tensions over the central bank’s autonomy.
Source: Reuters
