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Trump Pressures Fed Governor Lisa Cook to Step Down

(MENAFN) U.S. President Donald Trump on Wednesday called for Federal Reserve Governor Lisa Cook to step down immediately, intensifying pressure on the central bank amid serious allegations.

The demand follows accusations from a prominent Trump ally alleging that Cook engaged in mortgage fraud—actions described as "appropriate for referral to the U.S. Department of Justice for consideration of criminal prosecution," according to multiple media outlets.

Trump took to social media, posting emphatically: "Cook must resign, now!!!"

In a letter dated August 15 and addressed to Attorney General Pam Bondi, Federal Housing Finance Agency Director Bill Pulte alleged that Cook "falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute." The letter cited two mortgages Cook secured in Michigan and Georgia during June and July 2021. Pulte claimed Cook misrepresented these properties as her primary residences for at least one year, a tactic that could have qualified her for better mortgage rates.

Despite the mounting allegations, no official investigation has been announced. Cook responded firmly on Wednesday, stating she had "no intention of being bullied to step down."

She added, "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, known for his close ties to Trump, has previously criticized the Fed and Chair Jerome Powell for resisting the White House’s pressure to lower interest rates, according to media. The outlet noted that after his Senate confirmation, Pulte "added to his job description helping orchestrate a fiery campaign against Powell and demanding the central bank chief to step down."

Media further observed, "The new focus on Cook is an expansion of the Trump administration's intense pressure campaign against the Fed, specifically central bankers who aren't perceived as allies of the president."

Meanwhile, media reported that Trump "appears to be rallying for another open seat on the board, which would allow him to appoint someone more aligned with his views," signaling continued efforts to influence Federal Reserve leadership.

This development marks another chapter in the escalating confrontation between the Trump administration and the Federal Reserve, underscoring the political stakes surrounding U.S. monetary policy and governance.

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