President Donald Trump said he would fire a governor of the Federal Reserve if she refused to resign over mortgage fraud allegations.
Governor Lisa Cook is under investigation by the Department of Justice after Federal Housing Finance Agency Director Bill Pulte released documents substantiating the claims.
‘When someone commits mortgage fraud, they undermine the faith and integrity of our System. It does not matter who you are — no one is above the law.’
On Friday, Trump told a reporter that he would take action if Cook did not resign.
“Yeah, I’ll fire her if she doesn’t resign. What she did was bad,” the president said. “So I’ll fire her if she doesn’t resign.”
Pulte posted documents that allegedly show that Cook took a loan on her home in Michigan and declared it her primary residence, and then two weeks later designated her out-of-state condominium as her primary residence as well.
“When someone commits mortgage fraud, they undermine the faith and integrity of our System. It does not matter who you are — no one is above the law,” Pulte wrote. “We have sent a Criminal Referral to the Department of Justice with regard to the allegations against Ms. Cook, and the DOJ should go wherever the facts may lead them.”
Democratic Sen. Elizabeth Warren of Massachusetts responded to the president’s statement on social media.
“President Trump cannot illegally fire independent Fed Board members. Anyone can see he is trying to find a scapegoat for his failure to lower costs for Americans,” Warren wrote.
The president has been lambasting the Federal Reserve and its chairman, Jerome Powell, for refusing to lower interest rates. He has threatened to fire Powell despite the chairman saying that he would not step down if asked by Trump.
If Cook were to resign and Trump appointed a successor more in line with his wishes, he could more easily influence the policies at the Fed.
Cook responded to the allegations Wednesday.
“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 in the statement.
“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,” she added.
Cook said she had “no intention of being bullied to step down from my position because of some questions raised in a tweet.”
Cook was the first black woman to serve as a Federal Reserve governor and was nominated by former President Joe Biden in 2022.
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