Trump Demands Fed Governor Lisa Cook’s Resignation Amid Mortgage-Fraud Allegations

Washington, D.C., August 20, 2025 – President Donald J. Trump has called for Federal Reserve Governor Lisa D. Cook to resign. This comes after claims of possible mortgage fraud against her. The demand came after Federal Housing Finance Agency (FHFA) Director Bill Pulte, a firm ally of the President, urged Florida Attorney General Pam Bondi to investigate. He wants her to look into two home loans taken out by Cook.

In a letter from August 15, shared today, Pulte stated that Governor Cook “falsified bank documents and property records to gain better loan terms, which could be mortgage fraud.” He asked Bondi and the U.S. Department of Justice to check if Cook filed false residency claims. This was to get loans for her out-of-state apartment and her Michigan home.

Shortly after the letter news, President Trump tweeted on X: “Governor Lisa Cook must resign immediately.” The American people deserve integrity at the Federal Reserve”.

Cook made history in May 2022 as the first African American woman on the Fed’s seven-member Board of Governors. She has not publicly responded to the allegations. Seema Shah from Principal Asset Management spoke to Bloomberg Television. She warned that growing political pressure could threaten the Federal Reserve’s independence. This issue comes up just before next week’s Jackson Hole symposium.

Attorney General Bondi’s office got Pulte’s letter. They won’t comment on any possible inquiry. Fed Chair Jerome Powell hasn’t responded to calls for Cook’s resignation. The central bank is getting ready for its annual policy-framework review in Jackson Hole.

Governor Cook has been on the Fed Board since May 23, 2022. President Biden nominated him, and the Senate confirmed him. Her portfolio covers financial stability. She also helps the Fed achieve its goals of maximum employment and stable prices.

As legal scrutiny grows, financial markets will look for signs of more politicization in monetary policy. They will also watch for possible effects on the Fed’s independence.