President Donald Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign after officials accused the Fed board member of mortgage fraud.
Bill Pulte, the chair of the Federal Housing Financing Agency (FHFA), posted a letter to Attorney General Pam Bondi, stating that it appears Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes.”
Cook reportedly obtained a mortgage in Michigan to be her primary residence and then took a loan on a condominium in Atlanta, Georgia, that was also described as her primary residence, according to Pulte’s letter.
Trump took to Truth Social, stating, “Cook must resign, now!!!”
Axios said the investigation appears to be a part of Trump allies “building a case to fire Fed governors for cause, as the president seeks leadership of the central bank that will cut interest rates and be more responsive to his instincts.”
The Trump administration has targeted Democrats over mortgage fraud allegations, including Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James.
Bloomberg reported:
No charges have been filed and it’s not clear whether Bondi will investigate. The Justice Department declined comment. The Federal Reserve declined comment. Cook did not respond to requests for comment late Tuesday.
A resignation would create another opening for Trump on the Fed board, as Trump orchestrates a pressure campaign to cut rates. The president has explicitly said that he’ll only pick a new chair who agrees that rates should come down, a demand that strikes at the heart of the central bank’s independence.
Cook gave a presentation in support of a bill that would create a commission to study and develop reparations proposals.
The Federal Reserve nominee also agreed with calls to have the Federal Reserve focus on targeting its federal funds rate to improve the black unemployment rate instead of the national employment rate.
Cook also called on the University of Chicago to fire its economics professor, Harald Uhlig, in June 2020 after Uhlig criticized the Black Lives Matter movement for its support of defunding the police. Cook accused Uhlig of “racial harassment.”
She claimed that “free speech has its limits.”
Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3.
