Trump Demands Resignation of Fed Governor Cook Amid Mortgage Fraud Allegations
President Trump has called for the resignation of Federal Reserve Governor Lisa Cook over mortgage fraud allegations, which she denies, as he pressures the Fed on interest rates.
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Overview
- President Trump has demanded the resignation of Federal Reserve Governor Lisa Cook due to allegations of mortgage fraud against her.
- The allegations involve claims by Bill Pulte that Cook misrepresented two homes as primary residences for better loan terms.
- Pulte has referred these allegations to the Justice Department, seeking a criminal investigation into Cook's actions.
- Trump's call for Cook's resignation aligns with his ongoing campaign to influence the Federal Reserve's interest rate policies.
- Despite the controversy, Cook remains a member of the Fed's rate-setting committee, appointed by President Joe Biden until 2038.
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Analysis
Center-leaning sources cover the story neutrally by presenting factual information about President Trump's call for Fed Governor Lisa Cook's resignation and the accusations against her. They provide relevant context on Cook's background and Trump's history with the Federal Reserve, allowing readers to form their own conclusions without apparent editorial influence or loaded language.
"Now, the Trump administration is giving such allegations against Democrats special attention."
NBC News"Trump has said a top official at the Federal Reserve "must resign, now!!!" over unproven allegations of mortgage fraud, as he continues to seek more influence over the US central bank."
BBC News"Trump's call for the resignation of Fed Governor Lisa Cook reflects his ongoing frustration with the central bank's interest rate policies amid rising inflation."
NPR"Trump's new focus on Cook, who former President Joe Biden nominated to the board in 2022, escalates the president's attacks on the independent Federal Reserve, which is governed by a seven-member board to set monetary policy."
USA TODAY"President Trump called on Federal Reserve Governor Lisa Cook to resign on Wednesday after one of his administration's officials alleged she had engaged in mortgage fraud and urged an investigation."
CBS News"The allegation represents another front in the Trump administration’s attack on the Fed, which has yet to cut its key interest rate as Trump has demanded."
Fortune"The allegation represents another front in the Trump administration’s attack on the Fed, which has yet to cut its key interest rate as Trump has demanded."
Associated Press"Trump’s comment came after the director of the U.S. Federal Housing Finance Agency, William Pulte, a sharp critic of the Fed, alleged in a letter to Attorney General Pam Bondi that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.”"
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FAQ
The allegations claim that Lisa Cook misrepresented two homes as primary residences to secure better loan terms, involving properties in Michigan and Georgia, as reported by Bill Pulte who has referred the matter to the Justice Department for criminal investigation.
Lisa Cook is a member of the Federal Reserve Board of Governors, first appointed in May 2022 and reappointed in September 2023 for a term ending in January 2038.
Lisa Cook was a professor of economics and international relations at Michigan State University, taught at Harvard's Kennedy School of Government, served as deputy director for Africa Research at Harvard's Center for International Development, and was a senior economist on the Council of Economic Advisers under President Obama. She holds degrees including a PhD in economics from UC Berkeley.
Trump’s call for Cook's resignation over mortgage fraud allegations aligns with his broader campaign to pressure the Federal Reserve regarding its interest rate policies.
Lisa Cook is the first African American woman and first woman of color to serve on the Federal Reserve Board of Governors, marking a historic milestone since the board's establishment over a century ago.
History
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