President Trump demanded on Wednesday that Federal Reserve Governor Lisa Cook “resign, now!!!,” citing unconfirmed allegations that she may have engaged in mortgage fraud, as the administration ramped up its campaign to try to remake the central bank.
Mr. Trump unleashed his latest attack shortly after Bill Pulte, the director of the Federal Housing Finance Agency, said on social media that his office had investigated Ms. Cook and found that she appeared to have falsified bank documents to obtain favorable loan terms. Mr. Pulte said the F.H.F.A. had referred the matter to the Justice Department for a criminal inquiry.
In attacking Ms. Cook, the first Black woman to ever serve as a Fed governor, both Mr. Trump and Mr. Pulte signaled anew their willingness to weaponize the instruments of government to influence monetary policy, even though economists long have warned that interfering with the Fed and its independence could carry catastrophic results.
Mr. Trump has been pressuring the central bank and its chair, Jerome H. Powell, to slash interest rates. Mr. Trump has consistently attacked Mr. Powell, suggesting at times that he could take the unprecedented and legally dubious step of trying to fire him before his term as chair expires next year.
The Fed has instead kept interest rates steady this year in part because officials are concerned that Mr. Trump’s tariffs will spark a new round of price increases. Ms. Cook has consistently voted with Mr. Powell and is generally seen as aligned with him on policy decisions.
Ousting Ms. Cook, whose term as governor runs through 2038, would give Mr. Trump another seat on the seven-member board that he could fill with someone more likely to support cutting rates.
Mr. Trump already has one unexpected seat to fill. Adriana Kugler, another Fed governor, resigned unexpectedly this month, several months before her term was set to expire in January. Mr. Trump has nominated Stephen Miran, currently the chair of the Council of Economic Advisers, to fill out Ms. Kugler’s term. He must still be confirmed by the Senate.
The White House has also started weighing potential replacements for Mr. Powell, whose term as chair ends in May.
A spokeswoman for the Fed did not immediately respond to a request for comment. Ms. Cook also did not immediately respond.
Tony Romm is a reporter covering economic policy and the Trump administration for The Times, based in Washington.
Ben Casselman is the chief economics correspondent for The Times. He has reported on the economy for nearly 20 years.
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