Donald Trump Demands Fed Governor Cook’s Resignation

The White House is embroiled in a heated battle with the Federal Reserve, with President Donald Trump demanding key officials. Following his efforts to replace Fed Chair Jerome Powell with a crypto-friendly candidate, Trump is escalating his pressure on the resignation of Governor Lisa Cook.

Notably, the president’s push for Fed Governor Cook resignation stems from allegations of mortgage irregularities in Michigan and Georgia. These accusations, raised by Trump’s ally William Pulte, have sparked concerns about the future of monetary policy and the independence of the Federal Reserve.

Trump D emands Fed Govern or Cook Resign

In the latest development within the White House-Federal Reserve feud, President Trump has demanded the resignation of Fed Governor Cook. This follows accusations of mortgage fraud amid growing scrutiny of the central bank's leadership.

According to recent reports, U.S. Federal Housing Finance Agency Director William Pulte posted a ‘Criminal Referral Letter’ against the central bank official. The letter asserts that Fed Governor Cook potentially committed mortgage fraud. According to Pulte, she allegedly listed two different properties as her primary residence on loan applications in 2021, which could be a serious offense. The letter read,

“On June 18, 2021, ...[she] acquired a loan on the property at [Redacted] Avenue, Ann Arbor, Michigan 48103 and entered into a fifteen-year mortgage agreement with the University of Michigan Credit Union for $203,000, plus interest. According to the mortgage agreement entered into with the University of Michigan Credit Union,...[she] represented to "use the Property as Borrower's principal residence within 60 days after the execution of this.”

Congress members have also shown significant support for the White House's claims. Urging the official to resign, Sen. Bernie Moreno (R-Ohio wrote that the central bank official should " immediately resign her position at the Federal Reserve." The Senator added, "For the benefit of our great Country, I’m hopeful we can get a two for one special and Jay Powell can join her in packing it up.”

Fed Governor Cook Refuses to Step Down

Despite these allegations and Trump ’s growing insistence, Fed Governor Cook refuses to step down. She expressed her determination not to be swayed by pressure to resign, citing unfounded allegations on Twitter.

The Federal Reserve official affirmed her intention to take serious inquiries about her financial history seriously, collecting precise data to respond factually to valid concerns. She noted,

“I have no intention of being bullied to step down from my position because of some questions raised in a tweet. 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.”

Interestingly, these developments come on the heels of the US President’s call for Jerome Powell’s immediate resignation. He has publicly criticized Powell's approach to monetary policy and demanded his resignation on multiple occasions.