US President Donald Trump has called for Federal Reserve Governor Lisa Cook to resign over allegations of mortgage fraud, claiming she falsified bank and property records to obtain more favorable loan terms.
Cook had designated two homes as her primary residence in a June 2021 mortgage agreement but purchased an Atlanta condominium just weeks later. This allegedly allowed her to take advantage of lower interest rates for primary homes compared to secondary residences like vacation homes or investment properties.
Trump has urged the Justice Department to investigate the allegations, which Cook has denied. She said she would not step down from her position and plans to gather accurate information to answer any questions about her financial history.
The Federal Reserve is set to cut interest rates on September 17, with economists predicting a high probability of approval, around 88%. However, some experts believe it’s unlikely that Cook will resign before the next FOMC meeting due to ongoing investigations and concerns over the impact on her role.
Source: https://www.cbsnews.com/news/trump-lisa-cook-federal-reserve-governor-bill-pulte