Trump has said that Fed Governor Lisa Cook must resign after a report tied her to possible mortgage fraud

On Wednesday, President Trump called for Federal Reserve Governor Lisa Cook to step down after one of his administration officials accused her of mortgage fraud and pressed for an investigation.

The allegations came from Bill Pulte, whom Trump appointed in March as director of the U.S. Federal Housing Finance Agency. In posts on X, Pulte claimed Cook committed mortgage fraud by declaring two different properties as her primary residence.

Pulte also released an August 15 letter he sent to Attorney General Pam Bondi and Justice Department official Ed Martin. The letter outlined evidence the housing agency says it obtained, alleging Cook falsified bank and property records to “secure more favorable loan terms.”

According to Pulte, Cook signed a June 2021 mortgage agreement to buy a home in Ann Arbor, Michigan, pledging it would be her primary residence for at least a year. Just two weeks later, she allegedly purchased a condominium in Atlanta and also agreed to make that property her primary residence.

Lenders typically offer lower rates on mortgages for primary residences compared to secondary homes used as investments or vacation properties, according to Rocket Mortgage.

Following Pulte’s claims, Trump posted on Truth Social: “Cook must resign, now!!!” Pulte himself also demanded her resignation and said he expects the Justice Department to launch a criminal probe.

The Federal Reserve declined to comment, while the White House also withheld a response.

Trump’s call for Cook’s resignation comes amid his repeated pressure on the Fed to cut interest rates and his public criticism of Chair Jerome Powell for holding back on lowering borrowing costs. Cook sits on the 12-member Federal Open Market Committee (FOMC), which sets interest rates through majority vote.

At the same time, Trump has been pushing the Senate to confirm Stephen Miran, one of his top economic advisers, to the Fed’s Board of Governors. Miran was appointed on an interim basis earlier this month after Gov. Adriana Kugler resigned.