President Donald Trump warned Federal Reserve Gov. Lisa Cook that he will fire her if she does not resign following allegations that she committed mortgage fraud.
The commander-in-chief’s latest broadside against America’s central bank comes after a string of attacks from administration officials over the Fed’s failure to slash interest rates and a controversial $2.5 billion revamp of its downtown DC HQ.
“What she did was bad. So I’ll fire her if she doesn’t resign,” Trump told reporters on Friday.
Trump’s threat came after Federal Housing Finance Agency Director Bill Pulte accused Cook in a letter to Attorney General Pam Bondi of falsifying bank documents and property records to secure better loan terms, potentially amounting to mortgage fraud.
The staunch Trump ally raised the allegations in a tweet on X on Wednesday that Cook had designated a condo in Atlanta as her primary residence after taking a loan on her home in Michigan, which she also declared as a primary residence.
Pulte told The Post on Friday that he is also investigating a residence that Cook has in Massachusetts.
“I am probing a third property and we will see what’s there,” he said.
Bloomberg reported on Thursday that the Department of Justice was set to open an investigation into the matter.
Pulte said in an interview with Fox Business Network on Thursday that he believes the president has “ample cause” to fire Cook.
Federal Reserve Board of Governors members can be removed only “for cause,” meaning some form of wrongdoing.
Trump had previously called for Cook’s resignation on Wednesday, saying she “must resign, now!”
A Federal Reserve spokesman declined to comment.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said on Wednesday
Her federally filed financial disclosure documents show three mortgages taken out in 2021, including a 15-year 2.5% loan on an investment property and two loans for personal residences, including a 30-year 3.25% mortgage and a 15-year 2.875% mortgage.
The weekly average rate for 30-year loans during 2021 ranged between 2.9% and 3.3%, Mortgage Bankers Association data shows.
Cook’s possible removal would create a third vacancy on the Fed board for a Trump appointee.
In the coming months, Trump is set to nominate a new Fed chair and another governor, both with permanent votes on the 12-member rate-setting committee.
Trump appointees Michelle Bowman and Christopher Waller already sit on the board.
Adriana Couglar unexpectedly stepped down as a Fed board member three weeks ago to be replaced by Stephen Miran, an economic adviser to the president.
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