President Donald Trump on Wednesday demanded the resignation of Federal Reserve Governor Lisa Cook after a criminal referral accused her of mortgage fraud.
“Cook must resign, now!!!” Trump wrote in a post on Truth Social.
The referral came from Bill Pulte, director of the Federal Housing Finance Agency (FHFA), who sent a letter to Attorney General Pam Bondi asking the Department of Justice to investigate. Pulte also posted the letter publicly on social media.
In the letter, Pulte accused Cook of “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
He claimed Cook obtained two mortgages within 14 days of each other by falsely claiming both as primary residences — one in Ann Arbor, Michigan, and another in Atlanta, Georgia. Pulte alleged this was done to “potentially secure lower interest rates and more favorable loan terms.”
Pulte also posted images online of what he said were Cook’s signatures from both mortgage documents. However, the documents shown did not clearly state the primary residence status.
Cook responded to the allegations later Wednesday. In a statement released by the Federal Reserve and shared with FOX Business, she denied wrongdoing and rejected calls to resign.
“I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve,” Cook said. “I have no intention of being bullied to step down from my position because of some questions raised in a tweet.”
“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.”
Cook was nominated to the Fed by President Joe Biden. She previously served in the Obama administration and was a professor of economics before joining the central bank. She is currently a voting member of the Federal Open Market Committee.
The controversy arrives at a critical time for the Fed, which is holding its annual policy symposium this week in Jackson Hole, Wyoming. Fed Chair Jerome Powell is scheduled to deliver a major speech on Friday.
Pulte, a key Trump ally, has used his platform in recent months to go after figures he views as opponents of the Trump administration. He has targeted Powell, New York Attorney General Letitia James, and Rep. Adam Schiff (D-CA). In July, he posted a statement expressing optimism over unconfirmed reports that Powell might resign.
Trump has clashed with the Federal Reserve repeatedly in recent years. He has urged the central bank to lower interest rates and threatened to fire Powell. Legal limits have kept him from acting, though Powell’s term as chairman ends in 2026.
Cook is not the first Fed official to face pressure. Adriana Kugler, another governor who voted to hold rates steady, recently resigned. Her departure gave Trump an opening to nominate a replacement. If Cook steps down, it would give Trump another seat to fill.
Sen. Bernie Moreno (R-OH) also joined the call for Cook’s resignation. “Lisa Cook is cooked and should immediately resign her position at the Federal Reserve,” Moreno posted. “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.”
Democrats on the House Financial Services Committee dismissed the accusations as political attacks.
“Donald Trump is making up blatant lies in an effort to oust the first Black woman to serve on the Federal Reserve Board, so he can replace her with another unqualified loyalist who will do his bidding,” they said in a statement. “This is another attack on the Fed’s independence. We can’t let this happen.”