Trump demands Fed governor Lisa Cook resign over 'mortgage fraud' claim

Dave Goldiner, New York Daily News on Aug 20, 2025

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President Trump Wednesday called on Federal Reserve governor Lisa Cook to step down over claims of “mortgage fraud” as he presses his feud over economic policy with the central bank.

“Cook must resign, now,” Trump wrote on his social media about Cook, a member of the Fed board.

Trump cited a letter from Federal Housing Finance Agency head Bill Pulte that encouraged Attorney General Pam Bondi to investigate Cook over unsubstantiated claims of fraud related to two mortgages.

The broadside against Cook comes amid Trump’s continued war of words with Fed chair Jerome Powell over his refusal to dramatically lower interest rates, which the president believes will juice the slowing economy.

Powell and other Fed board members have kept rates steady since last year amid concerns about stubborn inflation and the impact of Trump’s trade war tariffs.

Cutting rates can lead to higher prices, so the Fed tries to avoid doing that unless inflation is well in check, even though lower rates also can boost the job market and help lower unemployment.

Trump has unleashed near-daily demands on Powell to cut rates for months, coining the pejorative nickname “Too Late” for the respected Republican central banker. Trump himself appointed Powell in 2017 during his first term, and former President Biden renominated him for a second term, which runs until May 2026.

After initially threatening to force Powell out, Trump has recently focused on finding a more malleable successor. Trump said last week that the field of possible replacements for Powell was “down to 3 or 4” candidates.

The Fed drama comes ahead of the annual Jackson Hole Economic Symposium, which is set to feature Powell’s key policy speech of the year on Friday morning.

Another Fed governor, Adriana Kugler, stepped down from the board this month, and Trump nominated Council of Economic Advisers Chair Stephen Miran to replace her. If Cook also steps down, Trump would get to nominate another Fed governor.

Claims of mortgage fraud appear to have become a go-to weapon for Trump to torment perceived opponents.

His Justice Department is launching similar probes against nemeses New York Attorney General Letitia James and Sen. Adam Schiff (D-California).

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