President Donald Trump said on Friday he would fire Federal Reserve Governor Lisa Cook if she does not resign.
“What she did was bad,” Trump told reporters during an impromptu visit to The People’s House, a museum in Washington focused on the White House. “So I’ll fire her if she doesn’t resign.”
The comments came days after allegations surfaced from FHFA Director William Pulte.
Pulte sent a letter to Attorney General Pam Bondi claiming Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.”
Trump had previously demanded Cook’s resignation on Wednesday, tweeting that she "must resign, now!!!"
Speaking to Fox Business Network on Thursday, Pulte said he believed "the president has ample cause to fire Lisa Cook."
Currently, a Federal Reserve governor can only be removed “for cause,” meaning some form of wrongdoing.
Lisa Cook Responds to Accusations
Cook issued a statement on Wednesday addressing the allegations. She said: “I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet.”
She added: “I 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.”
Why is there pressure on the Federal Reserve
Trump and Pulte’s criticism comes amid a long-running campaign against the Federal Reserve and its leadership. Trump has repeatedly called for lower interest rates, adding pressure on central bank officials.
If Cook is removed, it would open a third seat for a Trump appointee on the Fed board. In the coming months, Trump is expected to nominate a new Fed chair and an additional governor. Both would have permanent voting rights on the Fed’s 12-member rate-setting committee, potentially shifting the bank’s direction on interest rates.
Currently, Trump appointees Michelle Bowman and Christopher Waller already serve on the board.
“What she did was bad,” Trump told reporters during an impromptu visit to The People’s House, a museum in Washington focused on the White House. “So I’ll fire her if she doesn’t resign.”
The comments came days after allegations surfaced from FHFA Director William Pulte.
Pulte sent a letter to Attorney General Pam Bondi claiming Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.”
Trump had previously demanded Cook’s resignation on Wednesday, tweeting that she "must resign, now!!!"
Speaking to Fox Business Network on Thursday, Pulte said he believed "the president has ample cause to fire Lisa Cook."
Currently, a Federal Reserve governor can only be removed “for cause,” meaning some form of wrongdoing.
Lisa Cook Responds to Accusations
Cook issued a statement on Wednesday addressing the allegations. She said: “I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet.”
She added: “I 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.”
Why is there pressure on the Federal Reserve
Trump and Pulte’s criticism comes amid a long-running campaign against the Federal Reserve and its leadership. Trump has repeatedly called for lower interest rates, adding pressure on central bank officials.
If Cook is removed, it would open a third seat for a Trump appointee on the Fed board. In the coming months, Trump is expected to nominate a new Fed chair and an additional governor. Both would have permanent voting rights on the Fed’s 12-member rate-setting committee, potentially shifting the bank’s direction on interest rates.
Currently, Trump appointees Michelle Bowman and Christopher Waller already serve on the board.
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