President Donald Trump publicly called for Federal Reserve governor Lisa Cook to resign after an administration official alleged mortgage fraud. Bill Pulte urged the Justice Department to investigate Cook and detailed purchases of two homes in 2021. Pulte alleged Cook claimed both properties as principal residences and listed the Atlanta condo for rent, which could affect mortgage lending terms. The Federal Reserve and the Justice Department declined to comment. Cook was appointed to the Fed board in 2022 and reappointed the following year to a term through 2038. The administration seeks more sympathetic Fed governors to press for lower interest rates and greater influence over monetary policy, and Trump can replace Chair Jerome Powell when Powell's term expires in May 2026.
President Donald Trump on Wednesday called on Federal Reserve governor Lisa Cook to resign after a member of his administration accused Cook of committing mortgage fraud, the latest example of the Trump administration's efforts to gain control over the central bank. Bill Pulte, director of the agency that oversees mortgage giants Fannie Mae and Freddie Mac, urged the Justice Department to investigate Cook, who was appointed to the Fed's governing board by former president Joe Biden in 2022.
Pulte, in a letter to Attorney General Pam Bondi, alleged that Cook claimed two homes as her principal residences in 2021 to fraudulently obtain better mortgage lending terms. On June 18 of that year she purchased a home in Ann Arbor, Michigan, and then two weeks later bought a condo in Atlanta, Georgia, the letter said. Pulte also charged that Cook has listed her condo in Atlanta, Georgia, for rent.
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