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President Donald Trump is targeting another high-profile member of the Fed.
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He said that Lisa Cook should resign after the head of the FHFA called for an investigation into mortgage activity.
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Her resignation would give Trump a chance to nominate a replacement.
Jerome Powell isn’t Donald Trump’s only target at the Federal Reserve anymore.
In a post on Truth Social on Wednesday, the president said that Fed Governor Lisa Cook should resign immediately, due to recent allegations made against her by Federal Housing Finance Agency director Bill Plute.
Pulte submitted a letter to Attorney General Pam Bondi and Department of Justice official Ed Martin on August 15, alleging that Cook had committed illicit activity related to two mortgage loans.
Bloomberg reported that the letter said she had ” falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
This comes after Pulte made similar accusations against New York Attorney General Letitia James in April and, more recently, against Senator Adam Schiff.
While Cook is not politically active and doesn’t seem to have made any statements against Trump, she is the first African-American woman to sit on the central bank’s board of directors and was nominated by President Joe Biden.
Trump’s demand that Cook resign expands his attacks on central bank officials, which have mainly focused on Fed Chair Powell until now. Cook’s resignation would give Trump another opportunity to appoint another top Fed official after Adriana Kugler announced her resignation at the beginning of August.
Trump has repeatedly attacked Powell when he has refused to lower interest rates, including accusing him of mismanaging the renovation of the Fed’s headquarters.
Powell is set to deliver remarks from Jackson Hole this Friday, with markets on edge over whether he’ll strike a more dovish or hawkish tone.
It has not been confirmed if Bondi will proceed with legal action against Cook, who has issued no statement on the allegations. No charges have been filed, and the Federal Reserve and the DOJ have not commented.
Read the original article on Business Insider
