Fed Governor Lisa Cook says she will not resign, despite President Trump’s call for her to leave the post over mortgage fraud allegations.
“I learned through the media that FHFA Director Bill Pulte called for an investigation into my mortgage application four years ago, before I joined the Federal Reserve,” Fed Governor Lisa Cook said in a statement on August 20.
Cook said she had no intention of resigning because of “questions being asked on social media,” apparently in response to President Donald Trump’s call for her to leave the post.
“I take seriously any questions about my financial history as a Fed member. Therefore, I am gathering accurate information to answer all legitimate and truthful questions,” Cook said.
Pulte previously posted on social media, accusing Cook of listing her permanent residence as an apartment in Atlanta, despite having previously taken out a mortgage on a home in Michigan and claiming it as her primary residence.
The FHFA director called on the US Justice Department to investigate the Fed governor for alleged mortgage fraud. Pulte posted part of a letter to Attorney General Pam Bondi, saying the FHFA has documents about Cook’s “mortgage fraud.”
“Cook must resign immediately!” President Trump wrote on social media after Pulte’s post.
Cook was appointed Fed governor under former President Joe Biden and will serve until 2038. She previously worked as an economist at Michigan State University.
The Fed’s seven-member Board of Governors is appointed by the US president and confirmed by the Senate, each serving a non-reappointment term of 14 years. The Chairman and Vice Chairman of the board are also appointed by the president from among the governors and serve four-year terms, but may be re-nominated multiple times.