Trump says he'll fire Fed governor Cook if she doesn't resign
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Federal Reserve governor Lisa Cook. Photo: Al Drago/Bloomberg via Getty Images
President Trump threatened to fire Federal Reserve governor Lisa Cook on Friday, after housing regulator Bill Pulte doubled down on his attacks on the top central bank official.
Why it matters: The Trump administration is attempting to build a criminal case against Cook, a move that — if successful — would give the White House another vacancy at the central bank.
What they're saying: "I'll fire her if she doesn't resign," Trump said, adding that what Cook "did was bad."
Driving the news: Trump's comments came after Pulte posted on X that Cook submitted documents to the federal government indicating that a property in Atlanta was her personal residence, after initially listing the home for rent.
- It is unclear whether Cook actually rented the property.
Of note: Pulte's new statement on Cook came just minutes before Fed chair Jerome Powell gave a closely watched speech at the annual Fed conference in Jackson Hole, Wyoming.
- Approached by reporters on the sidelines of the conference, Cook declined to comment on the president's latest comments.
Catch up quick: It is a ramp-up of an attack that started earlier this week, when Pulte posted a copy of Cook's criminal referral, asking the Justice Department to investigate claims of mortgage fraud.
- Pulte alleged that Cook took a mortgage on a primary residence in Michigan, only to take another mortgage weeks later on a primary residence in Georgia.
- Trump quickly demanded she resign.
- Pulte — the director of the Federal Housing Finance Agency and the administration's lead antagonist of the central bank — later accused Powell of helping to cover up Cook's alleged conduct, suggesting in multiple social media posts that Powell may be complicit.
- Cook, in a statement Wednesday night, said she had "no intention of being bullied."
The big picture: Trump wants the Federal Reserve to lower interest rates, and has gone to increasingly aggressive lengths to gain control of the central bank for that purpose.
- After Powell ignored his demands to cut rates, Trump reportedly came close to firing him, with cost overruns on the Fed's headquarters renovation as the pretext.
- Pulte led that campaign as well.
The intrigue: The president already has two appointees on the seven-member Fed Board of Governors, with a third pending before the Senate.
- Ousting and replacing Cook would give Trump a majority of the board — and if he managed to do so before February, would give him the leverage to potentially oust the 12 regional bank presidents as well.
Neil Irwin contributed.
Editor's note: This story has been updated with Cook's reaction.
