President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the central bank.
Trump has also told aides he is considering attempting to fire her, the Wall Street Journal reported on Wednesday, citing a senior White House official and another person familiar with the matter. Reuters could not immediately verify the report.
Loans for a primary residence can carry easier terms than for second homes or investment properties. Pulte said the loans date to mid-2021, before Cook was appointed to the Fed by former President Joe Biden and confirmed by the Senate the following year.
She is a native of Georgia and at the time was an economics professor at Michigan State University.
Pulte asked Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegation. The Justice Department was taking the matter very seriously, a department official told Reuters.
Spokespersons for the Fed and for Cook were not immediately available to respond to a request for comment.
“Cook must resign, now!!!” Trump wrote in a post on his social media platform in his latest comments aimed at reshaping the make-up of the central bank, a body designed to set benchmark interest rates independent of White House influence.
Cook is one of three Biden appointees to the Fed whose terms extend beyond Trump’s time in office, complicating the president’s efforts to get more control by appointing a majority of its seven-member board. Currently two of the Fed’s remaining six board members were appointed by Trump, Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman.
Trump has repeatedly blasted Fed Chair Jerome Powell over benchmark rates that he wants sharply reduced, calling for his resignation while acknowledging that the Fed’s unique status in U.S. governance prevents him from firing Fed board members over monetary policy disputes.
Trump can name a new chair when Powell’s term ends in May, but claiming a majority on the board may take more time. Powell could continue serving as a governor until 2028, near the end of Trump’s term, should he buck convention and continue sitting on the board under a new chair.
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Special Prosecutor Ed Martin Calls on Letitia James to Resign as New York AG as His Mortgage Fraud Investigation Heats Up
Special Prosecutor Ed Martin put New York Attorney General Letitia James on notice after her attorney, Abbe Lowell (he also served as Hunter Biden’s attorney), publicly leaked a letter he wrote to Pam Bondi.
US Attorney General Pam Bondi recently appointed DOJ official Ed Martin as special prosecutor to investigate Democrat Senator Adam Schiff and New York Attorney General Letitia James over allegations of mortgage fraud.
Ed Martin called on Letitia James to resign as New York Attorney General.
“At this time, Letitia James would best serve the “good of the state and nation” by resigning from office to address the issues in the referral,” Ed Martin wrote in a letter to Abbe Lowell.
He continued, “Her resignation from office would give the people of New York and America more peace than proceeding. I would take this as an act of good faith.”
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