Federal Reserve Governor Lisa Cook said on Wednesday that she will not resign over claims of mortgage fraud. The accusations came from Bill Pulte, head of the Federal Housing Finance Agency.
Cook said she would not be “bullied” into stepping down because of what she called baseless claims spread on social media. She stressed she plans to stay focused on her role at the central bank.
Pulte had urged the Department of Justice to investigate Cook’s mortgage history. He claimed documents suggest she listed two homes as her primary residence at the same time, which would be considered improper.
He said on CNBC that Cook “needs to resign quickly” and added that if she did not, “she will be fired.” Pulte argued the evidence was “black and white” and needed criminal review.
Hours after his comments, President Donald Trump echoed the attack. In a post online, Trump wrote that Cook “must resign, now!!!” The call quickly spread among his supporters.
Trump called for Federal Reserve governor Lisa Cook to resign on his social media platform, Truth Social, Wednesday morning.
Cook responded with a written statement. She said she first learned of the referral from the media, not from Pulte himself. The mortgage application was filed four years ago, before she joined the Fed.
She said she would gather accurate information to respond to any real concerns about her financial records. But she rejected pressure campaigns that relied on online posts or partisan politics.
Cook, an economist appointed by President Joe Biden in 2022, currently sits on the Federal Open Market Committee. Last month, she voted with the majority to hold interest rates steady.
The Department of Justice has not confirmed any investigation into her. A spokesperson declined to comment when asked about Pulte’s claims and Trump’s remarks.
Pulte wrote to Attorney General Pam Bondi, saying Cook may have falsified documents related to properties in Ann Arbor, Michigan, and Atlanta, Georgia. He claimed this could have led to better loan terms.
He alleged that Cook misrepresented the homes’ status as her primary residence. Pulte argued this would amount to mortgage fraud. He said such behavior should disqualify her from public service.
On social media, Pulte mocked Cook by writing “Lisa Cooked is cooked.” He also said Trump had “cause to fire” her. He accused Fed Chair Jerome Powell of ignoring the issue.
Under federal law, however, Fed governors cannot be removed for political disagreements. They can only be removed for “cause,” meaning serious misconduct. Courts have also narrowed presidential power in this area.
Earlier this year, the Supreme Court suggested the president cannot simply dismiss Fed governors over policy clashes. Removal requires clear evidence of wrongdoing, which has not been proven here.
Pulte, a vocal Trump ally, insisted his push was not political. He said it was a matter of law and accountability. He argued that mortgage fraud should never be ignored.
Critics said the accusations fit a pattern. The Trump administration has promoted claims of mortgage-related fraud against other political rivals. Similar referrals were made against Senator Adam Schiff and New York Attorney General Letitia James.
Some analysts said the attacks also connect to Trump’s broader effort to pressure the Federal Reserve. For years, Trump has urged the Fed to cut rates, often criticizing Chair Powell directly.
Cook has often supported holding interest rates steady. Her decisions, like other Fed officials, are based on economic data, inflation trends, and growth forecasts. She has not responded to Trump’s rate demands.
Pulte, during his television interview, said Powell had a chance to “do the right thing by the law.” He claimed the Fed chair could act, though in reality only the president can remove governors.
He added on social media that Powell was “scrambling” and compared him to “scrambling eggs.” He claimed the “party at the Fed is over,” a phrase that critics saw as political theater.
The allegations are now part of a growing storm. Cook faces pressure from the highest levels of government, while Trump and allies amplify claims that remain unproven by any investigation.
For now, Cook has stood firm. She said she welcomes any legitimate review of her mortgage records, but she rejects calls for her resignation. She emphasized that facts, not tweets, will decide the matter.
Her position highlights the independence of the Federal Reserve. The central bank was designed to operate outside direct political control, and its governors serve long terms for that reason.
Whether the DOJ pursues Pulte’s referral remains unclear. The agency has made no public move in response. The outcome could have implications for how political pressure reaches the Fed.
Cook’s refusal to resign signals that she intends to weather the storm. She has strong support among colleagues who say the Fed must remain free from partisan battles.
As of Wednesday, she continues to serve her role without change. Markets have not shown signs of disruption over the controversy, focusing instead on inflation data and rate forecasts.
The accusations and heated rhetoric may continue, but Cook has made her stance clear. She will not resign and intends to keep serving her term at the Federal Reserve.
