President Donald Trump on Wednesday called for Federal Reserve Governor Lisa Cook to resign over mortgage allegations linked to properties in Michigan and Georgia. The claims were raised by one of Trump’s political allies, intensifying his push for greater influence over the U.S. central bank.
According to the Wall Street Journal, Trump has also considered trying to fire Cook, the first Black woman on the Fed board, though Reuters could not verify the report. The White House declined to comment.
The allegations came from Bill Pulte, head of the U.S. Federal Housing Finance Agency, who posted on X that Cook had declared both a condo in Atlanta and a home in Michigan as her primary residence. Pulte said he is also reviewing property Cook owns in Massachusetts.
Primary residence loans often carry better terms than mortgages for second homes or investment properties. Pulte claimed the loans date back to mid-2021, before Cook’s 2022 Fed appointment by President Joe Biden. At the time, Cook was teaching economics at Michigan State University.
Pulte urged Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegations. A Justice Department official confirmed the matter is being taken “very seriously.” The Federal Reserve and Cook’s office did not immediately respond to requests for comment.
Democrats pushed back strongly. Members of the House Financial Services Committee accused Trump of spreading lies to undermine the Fed’s independence. Senator Elizabeth Warren also warned that the administration must not “weaponize” the government to remove independent Fed board members.
Cook’s financial disclosures show three mortgages taken out in 2021, including two for personal residences and one for an investment property. Mortgage rates at the time ranged from 2.9% to 3.3%, according to the Mortgage Bankers Association.
Trump, in a post on his social media platform, wrote: “Cook must resign, now!!!” He has long criticized the Federal Reserve, especially Chair Jerome Powell, over interest rate policy.
The mortgage probe is not unique. Trump’s allies have used similar investigations against Democratic figures such as New York Attorney General Letitia James and Senator Adam Schiff. Both denied wrongdoing.
Legal experts note proving mortgage fraud could be difficult. Lenders are often aware of the facts surrounding a borrower’s residence, which can weaken claims of deception.
Cook is one of three Biden-appointed Fed governors whose terms extend beyond Trump’s presidency, limiting his ability to quickly secure a majority on the seven-member Fed board. Two current members, Christopher Waller and Michelle Bowman, were appointed by Trump.
While Trump cannot fire Fed board members directly, he will be able to name a new Fed Chair when Powell’s term ends in May. Until then, Cook’s seat remains a flashpoint in the broader battle over the Fed’s independence and control of U.S. monetary policy.
