Lisa Cook, First Black Woman on Federal Reserve Board, Faces Trump’s Resignation Demands Over Mortgage Fraud Claims
Former President Donald Trump has demanded that Lisa Cook resign from the Federal Reserve Board. Cook is the first Black woman to serve on the central bank’s board of governors. Trump accused her of mortgage fraud, although no charges have been filed.
Trump made the claims on Truth Social. He wrote that Cook “must resign, now!!!” and shared a Bloomberg News report citing allegations from Bill Pulte. Pulte is head of the Federal Housing Finance Administration as well as Fannie Mae and Freddie Mac. He has publicly called for a Department of Justice investigation.
Trump has been increasing pressure on theFed in recent months. His demand follows his repeated attacks on Jerome Powell, the Fed Chair, over interest rate policies.
Pulte alleged in a letter to Attorney General Pam Bondi that Cook falsified documents on past mortgage applications. He claims she listed an Ann Arbor, Michigan property as her primary residence while also buying a second home in Georgia.
According to his letter, this may have allowed Cook to receive better loan terms under conditions that could violate federal lending laws. He suggested possible violations of four separate statutes.
However, theseallegations remain unproven. Neither the Justice Department nor the Federal Reserve has announced an investigation into Cook.
Cook responded in a written statement after the accusations circulated online. She said the mortgage application being questioned was filed “four years ago, before I joined the Federal Reserve.”
She made it clear she would not step down under pressure. “I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said.
Cook also stressed hercommitment to transparency. “I do intend to take any questions about my financial history seriously,” she added, while promising to provide accurate details once all records are gathered.
Lisa Cook has been a member of the Fed Board since 2022. Before that, she was a professor of economics at Michigan State University. Her appointment was widely praised as a milestone, since she became the first Black woman to hold a seat on the powerful board.
Cook has focused her work on economic growth, innovation, and policies to support households and businesses. Her presence has been seen as an important step toward greater diversity in the leadership of U.S. economic policy.
As the controversy grows, observers note the broader political battle. Trump’s attacks on Cook are part of his long-running clash with the Federal Reserve, which has resisted his pressure to cut interest rates.
