Lisa Cook Fraud Allegations Spark Trump Resignation Demands

Lisa Cook faces fraud allegations as Trump demands her resignation, intensifying pressure on the Fed amid upcoming rate decisions.

August 22, 2025

Nina Dale

FHFA Director Bill Pulte accused Fed Governor Lisa Cook of fraud, claiming she declared two homes as her primary residence.
President Donald Trump echoed the allegations and demanded Cook’s resignation.
Cook denied wrongdoing and said she won’t step down under political pressure.
The dispute adds new tension as the Fed nears a major interest rate decision and leadership changes.

Key Takeaways

Trump Turns Up the Heat on the Fed

Bisnow reports that Federal Reserve Governor Lisa Cook is rejecting calls to resign after President Donald Trump and FHFA Director Bill Pulte accused her of mortgage fraud. Cook said she learned about the accusations from Pulte’s posts on social media.

The allegations focus on mortgage applications Cook filed in 2021. According to Pulte, she claimed two separate properties — one in Michigan and one in Georgia — as her primary residence. He posted images of the loan documents on X (formerly Twitter) and said he had sent a criminal referral to the Department of Justice.

Cook Responds: “I Won’t Be Bullied”

Lisa Cook issued a public response, stating:

“I have no intention of being bullied to step down from my position because of some questions raised in a tweet. I will take any legitimate questions seriously and will provide the facts.”

So far, the Federal Reserve has not commented, and the FHFA has not responded to media requests.

Pulte, who oversees Fannie Mae and Freddie Mac, has spent months criticizing the Fed. He claims its high interest rates have worsened the housing crisis. His accusations against Cook quickly gained traction after Trump shared them on his platform, calling for her resignation.

Pulte also targeted Fed Chair Jerome Powell, accusing him of ignoring red flags during Cook’s confirmation. He said Powell is “complicit” if he doesn’t open an internal investigation.

This is not Pulte’s first clash with the Fed. He recently led a campaign to remove Powell, claiming he misled Congress about a $2.5B renovation of the Fed’s D.C. headquarters. Powell later gave Trump a tour of the facility, easing some of the criticism.

Tensions Rise Ahead of Jackson Hole

This controversy comes at a crucial moment. The Fed has held rates steady for most of 2025. However, recent economic data — including downward revisions to job numbers — has raised expectations for a rate cut next month.

In July, two Trump-appointed governors supported a cut, but the majority voted to keep rates unchanged. That meeting showed the most divided stance among Fed leaders since 1993.

Meanwhile, Fed Governor Adriana Kugler resigned in August. Trump has nominated Stephen Miran, a top White House economic adviser, as her replacement. Miran has long criticized the Fed and helped shape Trump’s trade policies. His appointment raises new concerns about the Fed’s independence.

Why It Matters

The dispute surrounding Cook shows how political pressure is reshaping the Fed. Trump and his allies are pushing to overhaul its leadership, and their public attacks on board members have increased in recent months.

With Chair Jerome Powell’s term ending in May, the president may soon have a chance to appoint a new leader. On Friday, Powell will deliver his final speech at the Fed’s annual Jackson Hole symposium. Investors will listen closely for signs of a rate shift — and for clues about how the Fed plans to hold its ground amid rising political heat.