President Donald Trump has called upon Federal Reserve governor Lisa Cook to resign after Federal Housing Finance Agency Director Bill Pulte asked the Justice Department to consider prosecuting her for mortgage fraud.
Pulte, who in his role at FHFA oversees the government-sponsored enterprises Fannie Mae and Freddie Mac, sent the criminal referral to Attorney General Pam Bondi last Friday. Pulte posted a copy of the letter to X on Wednesday morning. In response, Trump called on Cook to step aside.
“Cook must resign, now!!!” Trump said on social media.
The letter is yet another escalation by Pulte against President Donald Trump’s perceived enemies at the central bank. Pulte has increasingly emerged as the biggest attack dog in Trump’s orbit and has harshly criticized Fed Chairman Jerome Powell and others while serving as the government’s top housing regulator.
In the letter to Bondi, Pulte said that it appears Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
“This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms,” Pulte wrote.
While Pulte has gone after other officials over similar accusations, Cook is of interest because she is a voting member of the Fed board and is one of the 12 people who controls the direction of interest rates in the U.S. Cook was nominated to the board by President Joe Biden and previously worked in the Obama administration, in addition to being an academic economist.
Trump and Pulte have repeatedly criticized Powell and the Fed for thus far refusing to cut interest rates this year. Two members of the Federal Open Market Committee voted to lower interest rates at the last meeting, Christopher Waller and Michelle Bowman.
Another Fed governor who voted to hold interest rates steady, Adriana Kugler, recently and unexpectedly resigned, handing Trump an opening on the board. If Cook stepped aside, Trump would have another opportunity to nominate a replacement.
In addition to Trump, Sen. Bernie Moreno (R-OH) called upon Cook to resign. Moreno hinted at the dynamic of the Fed board in a Monday post on X.
“Lisa Cook is cooked and should immediately resign her position at the Federal Reserve,” the senator said. “For the benefit of our great Country, I’m hopeful we can get a two for one special and Jay Powell can join her in packing it up.”
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Pulte has made a name for himself in the administration by using is massive social media following to attack Powell and others. The FHFA director has also targeted some other high-profile Trump critics, most notably Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James.
The Washington Examiner reached out to the Federal Reserve Board for comment but did not immediately receive a response.
