This article is from the source 'bbc' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.bbc.com/news/articles/cx276gg2gwro

The article has changed 6 times. There is an RSS feed of changes available.

Version 2 Version 3
Lisa Cook: Trump calls on Federal Reserve governor to resign 'now' Lisa Cook: Fed governor says she won't be 'bullied' as Trump demands she quit over mortgage claim
(about 1 hour later)
Lisa Cook was nominated by Joe Biden to one the Federal Reserve's seven governors in 2022.Lisa Cook was nominated by Joe Biden to one the Federal Reserve's seven governors in 2022.
US President Donald Trump has said a top official at the Federal Reserve "must resign, now!!!" over allegations of mortgage fraud, as he continues to seek more influence over the US central bank. A top official at the US Federal Reserve says she will not be "bullied" after President Donald Trump called for her resignation over an allegation of mortgage fraud.
The housing finance regulator, Bill Pulte, a Trump ally, has accused Federal Reserve Governor Lisa Cook of falsifying documents and property records in a bid to get more favourable loan terms. Governor Lisa Cook has been accused of falsifying documents and property records in a bid to get more favourable home loan. She said the allegation stems from an application before she joined the Federal Reserve.
Trump has expressed anger at the Fed and publicly pondered firing its chairman, Jerome Powell, as he pushes it to lower interest rates. The Trump administration is also conducting mortgage fraud investigations against Senator Adam Schiff and New York Attorney General Letitia James, both political antagonists of the president.
He has also accused other officials of mortgage fraud, including New York Attorney General Letitia James, who won a civil fraud case against him last year. Trump has also been seeking more influence over the US central bank and has repeatedly criticised its decision not to lower interest rates.
In a letter addressed to Attorney General Pam Bondi - and posted on X - Pulte alleged that Cook falsified documents for properties in Michigan and Georgia saying they were her primary residence, potentially amounting to criminal mortgage fraud. In a letter addressed to Attorney General Pam Bondi - and posted on X on Wednesday - housing finance regulator, Bill Pulte, a Trump ally, alleged that Cook had falsified documents for properties in Michigan and Georgia, saying they were her primary residence, potentially amounting to criminal mortgage fraud.
His post included what appears to be Cook's signature, but otherwise provided no evidence. Pulte also posted a photo of signatures, commenting: "Lisa Cook says she will answer all legitimate questions. Let's start with this. Are these your signatures on Mortgages?"
Pulte called the letter a "criminal referral" and urged the justice department to investigate. The housing finance regulator called the letter a "criminal referral" and urged the justice department to investigate.
While no investigation has yet been announced, Trump swiftly took to his Truth Social social media platform to urge Cook to resign. While no investigation has yet been announced, Trump took to his Truth Social media platform on Wednesday to post: "Cook must resign, now!!!"
Cook, who was appointed by Trump's predecessor, Democrat Joe Biden, in 2022, has yet to publicly address the allegations. The Federal Reserve's seven governors decide the bank's monetary policy, lowering and raising a benchmark interest rate and using other measures to address inflation and unemployment. Cook, who was appointed by Trump's predecessor, Democrat Joe Biden, in 2022, told the BBC in a statement that she learned of the allegations from the media and the matter stemmed from a mortgage loan application made four years ago.
The justice department and Federal Reserve both declined to comment on the allegations or Trump's comment. "I have no intention of being bullied to step down from my position because of some questions raised in a tweet," she said.
The BBC has also reached out to the White House. "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, who was appointed by Trump in March, has been a vocal critic of Powell and has repeatedly echoed Trump's call for the central bank to lower interest rates. The Federal Reserve's seven governors decide the bank's monetary policy, lowering and raising a benchmark interest rate and using other measures to address inflation and unemployment.
The justice department declined to comment on the allegations or Trump's comment. The BBC also contacted the White House.
Pulte, who was appointed by Trump in March, has been a vocal critic of Federal Reserve chairman Jerome Powell and has repeatedly echoed Trump's call for the central bank to lower interest rates.
Trump frequently refers to Powell as being "too late", saying interest rates should have already been lowered this year.Trump frequently refers to Powell as being "too late", saying interest rates should have already been lowered this year.
Alongside calling for Cook to resign, Trump is seeking to influence the Federal Reserve through other avenues, including discussing possible nominees for the chairmanship once Powell's term ends next year.Alongside calling for Cook to resign, Trump is seeking to influence the Federal Reserve through other avenues, including discussing possible nominees for the chairmanship once Powell's term ends next year.
Earlier this month, another Federal Reserve Governor, Adriana Kugler, resigned, paving the way for Trump to nominate economic adviser Stephen Miran to the board.Earlier this month, another Federal Reserve Governor, Adriana Kugler, resigned, paving the way for Trump to nominate economic adviser Stephen Miran to the board.
Miran must still be confirmed by the Senate. If Cook resigned, Trump would have another opening to fill.Miran must still be confirmed by the Senate. If Cook resigned, Trump would have another opening to fill.
He has also attacked Powell over the cost of building renovations at the Federal Reserve's headquarters in Washington DC, at times suggesting that cost overruns and potential mismanagement of the project are "sort of" a fireable offence.He has also attacked Powell over the cost of building renovations at the Federal Reserve's headquarters in Washington DC, at times suggesting that cost overruns and potential mismanagement of the project are "sort of" a fireable offence.
Powell is expected to address an economics summit in Jackson Hole, Wyoming, on Friday, where he could give clues about the direction of interest rates in the near-future.Powell is expected to address an economics summit in Jackson Hole, Wyoming, on Friday, where he could give clues about the direction of interest rates in the near-future.
He said earlier this year that the central bank had decided against cutting them after Trump announced his ambitious tariff plans, to see how the new taxes affected businesses and consumers.He said earlier this year that the central bank had decided against cutting them after Trump announced his ambitious tariff plans, to see how the new taxes affected businesses and consumers.
The next Federal Reserve meeting will take place in mid-September, when many economists expect it to cut rates.The next Federal Reserve meeting will take place in mid-September, when many economists expect it to cut rates.