Trump Speaks from the Oval Office, Threatens to Fire Fed Governor Amid “Mortgage Fraud” Allegations.

Washington, D.C., August 22, 2025 - President Donald Trump held a live Oval Office address at 11:00 a.m. on Friday. He issued a strong directive aimed at Federal Reserve Governor Lisa Cook.

In a televised statement, Trump said Cook “must resign” or get fired. He accused her of falsifying property records to get better mortgage terms. The threat follows Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. He showed a careful stance on possible rate cuts due to rising inflation and a weakening labor market. Trump called Cook’s alleged misconduct “bad behavior” that needed her to resign or be removed from office.

The President’s comments fueled criticism from Bill Pulte, who leads the Federal Housing Finance Agency and was appointed by Trump. This week, Pulte accused Cook of mortgage fraud for listing two primary residences in Ann Arbor, Michigan, and Atlanta to gain better loan terms. Cook quickly denied the claims. She said she wouldn’t be “bullied to step down” and promised to fully cooperate with any real investigation. The Department of Justice has indicated it will open a probe into the matter.

Trump’s announcement comes after much debate about central bank independence. Analysts warn that pressure from the executive on Fed officials, who are usually safe from removal, could hurt the credibility of monetary policy. Under current law, Fed governors can only be removed “for cause.” This means they must show proven misconduct, not just policy disagreements. If Cook steps aside or is ousted, Trump could appoint a new board member. This might alter the Fed’s leadership balance before the presidential election.

KSAT had earlier reported that the Oval Office address was scheduled for 11 a.m. local time. The White House broadcast Friday’s announcement live to media outlets all over the country. There were some delays in the feed.