Bill Pulte, a wealthy businessman turned Federal Housing Finance Agency Director, has been a vocal critic of Federal Reserve Chair Jerome Powell, calling for his resignation and sparking controversy within the Trump administration. Pulte has set in motion President Donald Trump’s most aggressive action yet to alter the future makeup and independence of the Fed’s Board of Governors.
Pulte sent three criminal referrals for alleged mortgage fraud to the Justice Department, accusing Federal Reserve Governor Lisa Cook of claiming multiple primary residences on her mortgages. The probes are being led by Ed Martin, a DOJ official who was named head of the department’s weaponization working group after his confirmation to be US Attorney for the District of Columbia fizzled out.
Cook has not been formally charged with any wrongdoing and has denied the allegations. Pulte’s actions have sparked concerns about potential political motivations, particularly since he had also sent referrals to California Sen. Adam Schiff and New York Attorney General Letitia James, both of whom have denied wrongdoing.
The controversy surrounding Pulte’s actions highlights his growing influence within the Trump administration, which is at odds with many Democratic lawmakers, including Massachusetts Sen. Elizabeth Warren. Warren wrote a letter chiding Pulte for becoming “distracted from your statutory mission” and accused him of behaving in an “unlawful manner.”
Pulte’s aggressive campaign against Powell has sparked concerns about the role of social media in politics and government regulation. Critics have warned that blasting weighty allegations via social media or leaks is an ugly way for government regulators to behave.
Source: https://edition.cnn.com/2025/08/26/politics/bill-pulte-lisa-cook-federal-reserve-mortgage