Federal Reserve Governor Lisa Cook has firmly stated her refusal to resign from her position on the central bank's board amid allegations of mortgage fraud.
"I have no intention of being bullied to step down from my position because of some questions raised in a tweet," Cook declared in a statement. She emphasized her commitment to addressing any concerns about her financial history with seriousness, asserting, "I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts."
As reported by Breitbart, President Donald Trump has called for Cook's resignation following accusations of mortgage fraud. Bill Pulte, who chairs the Federal Housing Financing Agency (FHFA), has alleged that Cook "has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes." The allegations focus on two mortgages from 2021.
Records indicate that Cook secured a $203,000, 15-year loan for a home in Ann Arbor, Michigan, in June 2021, with a stipulation to use it as her primary residence for at least a year. Shortly thereafter, she obtained a separate $540,000, 30-year mortgage on a Georgia property with a similar requirement. Pulte also pointed to a 2022 rental listing for the Georgia home, suggesting it may have been treated as an investment property.
President Trump expressed his stance on the matter via Truth Social, declaring, "Cook must resign, now!!!" A congressional aide, familiar with Cook's initial confirmation, remarked to Breitbart News, "Im unsurprised Trump-hating Lisa Cook lied on her mortgage application. Shes had trouble with the truth her entire career, from plagiarizing papers to embellishing her resume. If Congressional Republicans launch an investigation, which they are very likely to do, Lisas goose will be cooked."
The Trump administration has previously targeted Democrats over similar allegations, including Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James. Should Cook resign, it could potentially pave the way for President Trump to secure a new ally at the Federal Reserve.
This development might enable him to gain a majority on the board, particularly if Fed Chairman Jerome Powell were to step down next May.
Login