President Trump told aides he is considering firing Lisa Cook, a Biden-appointed Federal Reserve governor, after one of his housing officials accused her of mortgage fraud, according to a senior White House official and another person familiar with the matter.
Bill Pulte, the leader of the Federal Housing Finance Agency, alleged on social media Wednesday morning that Cook submitted what he called fraudulent information on a pair of mortgage applications.
Trump wrote in a social-media post in response to Pulte’s claims that “Cook must resign, now!!!” Behind the scenes, the president is considering going further. If Cook doesn’t resign, Trump is discussing how to fire her for cause, the White House official and person familiar with the matter said.
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Pulte’s social-media post alleges that in 2021 Cook sought mortgages on two properties—one in Michigan, the other in Atlanta—and described both of them as her primary residence in papers submitted 14 days apart. {snip}
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The Justice Department is probing similar fraud claims against two of the president’s most vocal Democratic critics, opening investigations into New York Attorney General Letitia James and Sen. Adam Schiff of California. Attorney General Pam Bondi authorized Ed Martin, head of a working group tasked with reviewing cases against Trump, to use grand juries in Virginia and Maryland to probe separate allegations of mortgage fraud involving Schiff and James. {snip}
Cook was a Michigan State University economics professor when she was nominated to the Fed’s seven-member board of governors by former President Joe Biden in 2022. She is serving a term that runs until 2038. Throughout her time on the board, she has voted in line with Powell and the majority decisions of the Fed’s policy committee and joined their votes to hold interest rates steady so far this year. She is the first Black woman to sit on the board.
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