Former U.S. President Donald Trump has publicly demanded the resignation of a high-ranking Federal Reserve official, citing unsubstantiated allegations of mortgage fraud, in his continued pursuit of greater influence over the nation’s central bank.
Bill Pulte, a housing finance regulator and Trump ally, has accused Federal Reserve Governor Lisa Cook of falsifying documentation and property records to secure more favorable loan terms.
Trump has previously voiced his discontent with the Fed and has openly considered dismissing its chairman, Jerome Powell, as he advocates for lower interest rates.
He has also leveled accusations of mortgage fraud against other figures, including New York Attorney General Letitia James, who recently won a civil fraud case against him.
In a letter addressed to Attorney General Pam Bondi and shared on X, Pulte alleged that Cook falsified documents for properties in Michigan and Georgia, falsely claiming them as her primary residence, which he asserts constitutes criminal mortgage fraud.
His post included what appears to be Cook’s signature, but offered no further evidence to substantiate his claims.
Pulte characterized the letter as a “criminal referral” and urged the Department of Justice to launch an investigation.
While no investigation has been formally announced, Trump swiftly took to his Truth Social platform to call for Cook’s resignation.
Cook, appointed by Trump’s predecessor, Democrat Joe Biden, in 2022, has yet to publicly respond to the allegations. The Federal Reserve’s seven governors determine the bank’s monetary policy, influencing interest rates and implementing measures to address inflation and unemployment.
Both the Department of Justice and the Federal Reserve have declined to comment on the allegations or Trump’s remarks.
The BBC has also reached out to the White House for comment.
Pulte, appointed by Trump in March, has been critical of Powell’s policies, frequently echoing Trump’s demands for the Fed to lower interest rates.
Trump often criticizes Powell as being “too late” in lowering interest rates, suggesting they should have been reduced earlier in the year.
In addition to calling for Cook’s resignation, Trump is attempting to influence the Fed through various means, including discussing potential candidates for the chairmanship once Powell’s term concludes next year.
Earlier this month, another Fed Governor, Adriana Kugler, resigned, potentially paving the way for Trump to nominate economic adviser Stephen Miran to the board, pending Senate confirmation. Should Cook resign, Trump would have another vacancy to fill.
He has also criticized Powell regarding the costs of building renovations at the Fed’s headquarters in Washington, D.C., suggesting that cost overruns and potential mismanagement of the project could be grounds for dismissal.
Powell is scheduled to address an economics summit in Jackson Hole, Wyoming, where he may provide insights into the Fed’s future plans for interest rates. He previously stated that the central bank decided against cutting rates following Trump’s announcement of ambitious tariff plans, in order to assess the impact of the new taxes on businesses and consumers.
The next Fed meeting is scheduled for mid-September, where many economists anticipate a rate cut.
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