Fed Governor Whom Trump Wants Gone Says She Has 'No Intention Of Being Bullied' To Resign

Lisa Cook, the Federal Reserve governor who Donald Trump said should resign over allegations of mortgage fraud, on Wednesday said she has “no intention of being bullied to step down” from her position, as the president is reportedly weighing firing her from the U.S. central bank.

Bill Pulte, the director of the U.S. Federal Housing Finance Agency who has also pushed for the removal of Federal Reserve Chair Jerome Powell, said he has made a criminal referral to the Department of Justice for Cook, claiming his agency has obtained documents that allegedly show Cook engaged in mortgage fraud.

In a letter addressed to Attorney General Pam Bondi and DOJ official Ed Martin, Pulte alleges that Cook falsified “bank documents and property records to acquire more favorable loan terms” in 2021, before she joined the Fed.

“This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms,” the letter reads.

Cook, the first Black woman to be nominated to the U.S. central bank’s seven-member board of governors in 2022 and faced a racist smear campaign in the process, vowed to fight back.

“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in statement. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”

Cook’s term on the board is set to expire in 2038.

Trump on Wednesday authored a post on his Truth Social platform, writing: “Cook must resign, now!!!” citing a Bloomberg article detailing Pulte’s allegations.

The Wall Street Journal reported that Trump is contemplating firing Cook if she doesn’t leave her role voluntarily, citing two sources. According to the Federal Reserve Act of 1913, Fed governors, including the chief of the U.S. central bank, can only be “removed for cause by the president.” But no president has tried to do so before.

The Trump administration’s attacks on Cook, a nominee of former President Joe Biden, come as the president has relentlessly attacked Powell over the U.S. central bank’s resistance to cede to his demand for lower interest rates. The Fed kept interest rates unchanged last month for the fifth time this year. Cook has voted with Powell in support of keeping rates steady so far this year.

Powell is set to give a much-anticipated speech Friday at the Fed’s 2025 Jackson Hole Economic Policy Symposium.

The pressure building on Cook follows the abrupt resignation of Adriana Kugler as Fed governor earlier this month. Kugler cited no reason for her decision to leave her role early.

Trump has picked Stephen Miran, the chair of the White House’s Council of Economic Advisers and a fierce backer of his tariffs, to fill Kugler’s role until the end of January 2026. The White House is aiming to fast-track his confirmation once the Senate is back from recess, according to Politico.