US President Donald Trump has called for Federal Reserve Governor Lisa Cook to resign, following allegations from a Trump ally that she made false statements on mortgage applications. The move comes as Trump pressures the central bank to lower interest rates.
Cook was appointed by former President Joe Biden in 2022 and voted with a majority to hold interest rates steady last month. However, a letter from Bill Pulte, who oversees mortgage giants Fannie Mae and Freddie Mac, alleges that Cook filed false statements on her mortgage applications in 2021. Trump took to social media to demand Cook’s resignation, writing “How can this woman be in charge of interest rates if she is allegedly lying to help her own interest rates?”
Cook has defended herself, stating that she is gathering information and will provide facts about her financial history. The Federal Reserve operates independently from the White House, but Trump’s repeated attacks on Chairman Jerome Powell have raised concerns about his influence over interest rates.
The Fed has been on hold since December due to inflation remaining higher than its target of 2%. Some policymakers are worried that Trump’s tariffs could put more upward pressure on prices. Cook’s term expires in January 2038, which would create an opening for Trump to appoint another like-minded governor to the Fed’s seven-member board.
Source: https://www.npr.org/2025/08/20/nx-s1-5508276/trump-calls-for-resignation-of-fed-governor-in-latest-line-of-attack