Merely weeks after Federal Reserve Governor Adriana Kugler submitted her early resignation as a member of the board, effective August 8, another top official at the US Fed has spoken about being possibly “bullied” into vacating her post.
Governor Lisa Cook, who has been accused of mortgage fraud, has since spoken out against US President Donald Trump and his ally, William Pulte, a housing finance regulator, following their alarming social media statements.
Cook, was appointed by former Democrat US President Joe Biden in 2022, directly addressed the allegations she only learned about from the media. She revealed that the claims stemmed from a mortgage loan application made four years ago, and therefore, before she joined the Federal Reserve.
Fed Governor Lisa Cook speaks out
In a statement to BBC, she said, “I have no intention of being bullied to step down from my position because of some questions raised in a tweet.” Further highlighting that she intends to take questions about her financial history seriously, given her position as a member of the central bank, Lisa Cook added, “I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Why is Federal Governor Lisa Cook in hot water?
Much like the MAGA leader who continues to target Fed Chairman Jerome Powell for being “too late” in his bid to influence the bank’s decisions, Pulte, a Trump-appointee, has also repeatedly doubled down on calling for interest rates to be lowered.
The housing finance regulator sent out a “criminal referral” letter to Attorney General Pam Bondi alleging that Cook had resorted to criminal mortgage fraud by faking documents for properties in Michigan and Georgia. He has since posted his bombshell accusation on X, formerly Twitter, as well, pushing the Department of Justice to take necessary actions.
“Lisa Cook says she will answer all legitimate questions. Let’s start with this. Are these your signatures on Mortgages?” William Pulte charged against the Fed Governor, sharing a photo of signatures.
Eventually, President Trump also furiously posted “Cook must resign, now!!!” on Truth Social Wednesday despite no word of an official investigation having been launched at the time of writing.
Trump’s Fed intervention
Trump’s latest virtual attack on Cook appears to be another opportune moment for the US president as he’s already looking for a way to influence the central bank’s decision-making. Having already urged even Jerome Powell to step down from his post over social media, the MAGA boss also found another way in when Fed Governor Kugler resigned ahead of her term expiring in January 2026.
It paved the way for him to bring on Stephen Miran to temporarily serve on the Federal Reserve’s board. While this still needs to be greenlit by the Senate, the Trump administration is hoping to get his nominee to step into the role next month, just in time for a mid-September Fed meeting.