1:01Lisa Cook, a governor on the Board of the US Federal Reserve, appears at an open Fed session weighing proposed changes to the institution’s supplementary leverage ratio rules, held at the Federal Reserve headquarters in Washington, DC, June 25, 2025.Saul Loeb/AFP via Getty Images
President Donald Trump on Wednesday urged Federal Reserve Governor Lisa Cook to vacate her post, pointing to an accusation of possible mortgage-related fraud.
“Cook needs to quit, immediately!!!” Trump declared on his online platform.
On the same day, Bill Pulte, head of the Federal Housing Finance Agency, shared on X excerpts from an August 15 letter he sent to U.S. Attorney General Pam Bondi, alleging that Cook manipulated banking paperwork and real-estate documents to secure better mortgage terms, “possibly amounting to mortgage fraud,” according to the letter.
Lisa Cook, seated governor of the US Federal Reserve, takes part in an open Fed session discussing proposed adjustments to its supplementary leverage ratio guidance at the board’s Washington offices, June 25, 2025.Saul Loeb/AFP via Getty Images
Trump’s message also directed readers to a Bloomberg article detailing Pulte’s plea for an inquiry.
Cook informed ABC through a statement that she first heard via news outlets of Pulte’s letter requesting a criminal probe regarding a mortgage application filed before she joined the Fed.
“I refuse to be pressured into leaving my role because of issues raised in a social post,” Cook stated. “As a Fed governor, I take every question about my financial past seriously, so I am assembling the precise records needed to respond to any valid inquiry and present the facts.”
Trump’s demand for Cook’s removal follows his ongoing criticism of Fed Chair Jerome Powell, whom he has branded “Slow Timin’ Powell” for not lowering rates as well as a “mule-headed dope.”
Appointed in 2022 by former President Joe Biden, Cook’s term extends to January 2038. She holds the distinction of being the first African-American woman ever to sit on the Federal Reserve Board of Governors.
President Donald J. Trump addresses a multilateral gathering with European leaders in the East Room of the White House, Washington, August 18, 2025.Aaron Schwartz/EPA/Shutterstock
The move seems aimed at paving the way for another Fed vacancy, potentially allowing Trump to name a nominee who shares his outlook. The White House gained an early opportunity when Adriana Kugler announced earlier this month that she is relinquishing her seat.
Trump on Tuesday tapped Stephen Miran to serve temporarily on the Fed board. Senate confirmation by mid-September could seat Miran in time for that month’s Federal Reserve session.
Sourse: abcnews.go.com
