President Trump announced he had removed Federal Reserve Governor Lisa Cook, alleging she may have made false statements on one or more mortgage agreements after Bill Pulte alleged she claimed two primary residences in 2021 to obtain better mortgage terms. Markets reacted with volatility amid concern about political interference in monetary policy. UBS called the attempt completely unprecedented, while Jeremy Siegel said the ousting adds noise but little substance relative to long-term Fed shifts. Cook rejected calls to resign, said she will gather accurate information and answer legitimate questions, and previously voted with the FOMC to hold the federal funds rate at 4.25%–4.5%.
Yesterday President Trump said he had "removed" Fed Governor Lisa Cook from her position, alleging "there is sufficient reason to believe [Cook] may have made false statements on one or more mortgage agreements. The move came after Bill Pulte, the head of the agency that regulates mortgage giants Fannie Mae and Freddie Mac and a Trump appointee, alleged on social media site X that Cook had claimed two primary residences (in Ann Arbor, Michigan and Atlanta) in 2021 in order to secure better mortgage terms.
Cook hit back at the questions, saying in a statement: "I have no intention of being bullied to step down from my position because of some questions raised in a tweet." However, she added: "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."
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