US Federal Reserve Governor Lisa Cook has vowed not to be “bullied” into resigning after former President Donald Trump demanded she step down over allegations of mortgage fraud.
Cook is accused of falsifying property records in Michigan and Georgia to obtain more favorable home loans. She has strongly denied the claims, saying they stem from a loan application filed four years ago, before her appointment to the central bank in 2022.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in a statement to the BBC. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and am gathering accurate information to answer them.”
The controversy began after Bill Pulte, a Trump ally and housing finance regulator appointed in March, sent a letter to Attorney General Pam Bondi alleging that Cook falsified mortgage documents. Pulte described the letter as a “criminal referral” and urged the Justice Department to investigate. He also posted images of signatures on X, asking if they belonged to Cook.
No investigation has been announced, and the Justice Department has declined to comment. The White House has also not responded.
Trump, however, used his Truth Social platform to escalate the matter, posting: “Cook must resign, now!!!”
The allegations come as Trump intensifies his criticism of the Federal Reserve, which has resisted pressure to lower interest rates. He has long sought greater influence over the central bank, frequently clashing with Fed Chair Jerome Powell, whom he accuses of being “too late” in adjusting monetary policy.
The former president’s administration has also pursued mortgage fraud claims against other political rivals, including Senator Adam Schiff and New York Attorney General Letitia James.
The Federal Reserve’s seven governors, including Cook, play a decisive role in shaping monetary policy, including interest rate decisions to control inflation and unemployment.
Cook’s defense comes just weeks after another Fed governor, Adriana Kugler, resigned, opening the door for Trump to nominate economic adviser Stephen Miran to the board. His confirmation still awaits Senate approval.
