Trump urges Federal Reserve Governor Lisa Cook to resign over fraud allegations
President Donald Trump demands Fed Governor Lisa Cook step down amid unverified mortgage fraud claims, intensifying his push to influence US monetary policy.
Trump demands resignation
President Donald Trump has publicly called for Federal Reserve Governor Lisa Cook to resign immediately, citing unverified allegations of mortgage fraud.
Allegations and response
Bill Pulte, a Trump ally appointed to the Federal Housing Finance Agency, accused Cook of falsifying property documents in Michigan and Georgia to obtain favorable loan terms. Pulte submitted a letter to Attorney General Pam Bondi, urging a Justice Department investigation. He included what appears to be Cook's signature but provided no supporting evidence.
Cook, appointed by President Biden in 2022, has not yet commented. The Federal Reserve's board, including its seven governors, sets US monetary policy, adjusting interest rates to control inflation and employment.
Trump's ongoing pressure
Trump, who has repeatedly urged the Fed to cut interest rates, also floated the idea of dismissing Chairman Jerome Powell. He criticized potential cost overruns at the Fed’s headquarters renovations and speculated on prospective nominees to replace Powell when his term ends next year. Another vacancy opened this month after Governor Adriana Kugler resigned.
The Fed’s next policy meeting is scheduled for mid-September, where many economists anticipate a rate reduction.
Trump’s push for Cook’s resignation reflects his broader campaign to sway Federal Reserve policy and leadership ahead of crucial interest rate decisions.
This topic was reported by BBC.
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