A senior official at the US Federal Reserve has declared that she will not be “bullied” into resigning, following President Donald Trump’s demand for her ouster amid allegations of mortgage fraud.
Governor Lisa Cook faces accusations of falsifying documents and property records to secure a more favorable home loan. She stated that the claims arise from an application submitted prior to her joining the central bank.
The Trump administration is also advancing mortgage fraud probes against Senator Adam Schiff and New York Attorney General Letitia James, both longstanding political foes of the president.
Trump has long sought greater sway over the US central bank and has repeatedly lambasted its reluctance to cut interest rates.
In a letter to Attorney General Pam Bondi—shared on X on Wednesday—housing finance regulator Bill Pulte, a Trump ally, alleged that Cook had misrepresented properties in Michigan and Georgia as her primary residences, actions that could constitute criminal mortgage fraud.
Pulte described the letter as a “criminal referral” and pressed the Justice Department to launch an investigation.
He also shared an image of signatures, adding: “Lisa Cook says she will answer all legitimate questions. Let’s start with this. Are these your signatures on mortgages?”
Although no formal inquiry has been announced, Trump posted on his Truth Social platform Wednesday: “Cook must resign, now!!!”
Cook, appointed in 2022 by Trump’s predecessor, Democrat Joe Biden, informed the BBC in a statement that she first learned of the allegations through media reports and that they relate to a mortgage application from four years ago.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said.
“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.”
The Federal Reserve’s seven governors set the bank’s monetary policy, adjusting a benchmark interest rate and employing other tools to combat inflation and unemployment.
The Justice Department declined to comment on the allegations or Trump’s remarks. The BBC also reached out to the White House.
Pulte, appointed by Trump in March, has been an outspoken critic of Federal Reserve Chair Jerome Powell and has consistently amplified Trump’s demands for interest rate reductions.
Trump often accuses Powell of acting “too late,” insisting that rates should have been lowered earlier this year.
Earlier this month, another Federal Reserve governor, Adriana Kugler, stepped down, clearing a path for Trump to nominate economic adviser Stephen Miran to the board. Miran awaits Senate confirmation.
