Fed Gov. Lisa Cook says she's not quitting over fraud accusations

Federal Reserve Governor Lisa Cook responded to calls by President Donald Trump for her to resign, saying she won't step down despite allegations of mortgage fraud made by the Federal Housing leader.

Cook responded to Trump's demand that she resign following allegations of fraud made by Federal Housing Finance Agency Director William Pulte on X, adding in a statement shared with The Hill that the mortgage application in question was from four years ago, before she joined the Federal Reserve.

"I have no intention of being bullied to step down from my position because of some questions raised in a tweet," Cook said. "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."

Pulte responded to Cook's statement by calling it a "word salad" on Wednesday and pointed out she did not deny any allegations.

"Lying on mortgage applications is a major federal crime with up to 30 years," he then posted Thursday. "Much more will come out about all these loans."

Pulte sent out a series of posts Wednesday in regard to a criminal referral he sent to U.S. Attorney General Pam Bondi and U.S. Pardon Attorney Ed Martin on Friday that alleged Cook "falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud" and faked residence statuses for domiciles in Ann Arbor, Michigan and Atlanta in order to receive lower interest rates and improved loan terms.

Martin responded to Pulte's referral Wednesday with a one-word post of "Received."

Following her statement, Pulte continued to post about Cook and Federal Reserve Chair Jerome Powell.

"Wow, the Fed is going to be complicit with Mortgage Fraud now?" Pulte posted Wednesday evening. "[Jerome] Powell getting himself into some serious stuff here."

Pulte previously expressed a desire to see Powell step down from his role, a sentiment frequently shared by President Donald Trump, who wants the Fed to lower interest rates, but central bankers have instead locked rate cuts as they determine the fiscal impact of tariffs levied by Trump on several countries.

As for Cook, Trump had posted to his Truth Social account Wednesday that she "must resign, now!!!"

Bondi's Department is already investigating comparable fraud accusations made against Sen. Adam Schiff, D-Calif., and Democrat New York Attorney General Letitia James.