Federal Reserve Governor Lisa Cook has firmly rejected calls to resign following allegations of mortgage fraud, stating she will not be “bullied” by political pressure from former President Donald Trump.
The controversy erupted after Trump demanded Cook’s resignation on his Truth Social platform, following a letter from housing finance regulator Bill Pulte — a Trump appointee and ally — addressed to Attorney General Pam Bondi. The letter accused Cook of falsifying documents to obtain more favorable mortgage terms, alleging she misrepresented properties in Michigan and Georgia as her primary residence. Pulte referred to the letter as a “criminal referral” and urged the Department of Justice to investigate.
Cook, appointed to the Federal Reserve Board in 2022 by President Joe Biden, responded in a statement to the BBC, saying she first learned of the accusations through media reports. She clarified that the matter stems from a loan application submitted four years ago, prior to her tenure at the Fed.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said. “I take financial transparency seriously and am working to gather accurate information to respond to any legitimate inquiries.”
While no formal investigation has been announced, Pulte posted what he claimed were mortgage documents bearing Cook’s signature on social media, asking whether she would confirm their authenticity. He has also publicly echoed Trump’s ongoing criticism of the Federal Reserve’s current interest rate policies.
The Fed’s Board of Governors plays a central role in setting U.S. monetary policy, including decisions on interest rates and tools to manage inflation and employment. Cook’s presence on the board has been especially significant, as the Fed faces political pressure from Trump and his allies to lower interest rates ahead of the 2026 election cycle.
Trump has also targeted other political opponents with similar accusations, including Senator Adam Schiff and New York Attorney General Letitia James, both of whom are currently facing unrelated mortgage fraud investigations backed by his administration.
Earlier this month, another Biden-appointed governor, Adriana Kugler, resigned, opening a seat Trump has nominated economic adviser Stephen Miran to fill, pending Senate confirmation.
