Federal Reserve Gov. Lisa Cook, brought aboard by former President Joe Biden as the first African American woman and first woman of color to sit on the Board, is reportedly the latest Democrat targeted for a mortgage fraud investigation.
“Cook must resign, now!!!” President Donald Trump posted Wednesday morning on Truth Social.
Trump’s call could add to his administration’s ability to remake the Federal Reserve Board.
Federal Housing Finance Agency Director Bill Pulte, a staunch ally of Trump, has called on Attorney General Pam Bondi to investigate Cook over a pair of mortgages, Bloomberg reported Wednesday.
Cook, who Republicans would argue is a DEI (diversity, equity, and inclusion) hire, joins the likes of Sen. Adam Schiff, D-Calif., and New York Attorney General Letitia James, both longtime Trump antagonists, in being investigated for similar allegations of mortgage fraud.
In an Aug. 15 letter to Bondi and Justice Department official Ed Martin, Pulte alleged Cook falsified bank documents and property records to secure more favorable loan terms, potentially committing mortgage fraud. A copy of the letter was reviewed by Bloomberg.
According to documents included in the referral, Cook took a $203,000 mortgage on a property in Ann Arbor, Michigan, on June 18, 2021. The loan stipulated she would occupy it as her primary residence for at least one year. Two weeks later, she secured a $540,000 mortgage on a Georgia property, which carried the same requirement. Pulte alleged Cook later listed the Georgia home for rent, suggesting it was intended as an investment property rather than a residence. The letter cited four federal statutes for potential violations.
No charges have been filed, and it remains unclear whether Bondi will investigate.
None of the parties involved has responded to Bloomberg’s request for comment, including the Justice Department, Federal Reserve, and Cook.
Cook was reappointed under Biden to a full term expiring in 2038. Her tenure comes as Trump allies intensify pressure on Fed Chair Jerome Powell to cut interest rates and consider stepping down before his term ends next May.
The probe call follows the surprise resignation of Fed Gov. Adriana Kugler, another Biden appointee. Trump has already moved to install economic aide Stephen Miran on an interim basis, giving him an early chance to shift the central bank’s direction.
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