Recently, Lisa Cook, a member of the U.S. Federal Reserve (Fed), was named by Trump demanding her resignation, accused of involvement in mortgage fraud. However, Cook emphasized that she will not be forced out due to a tweet and is gathering information to respond to external doubts. This incident raises concerns about the Fed's independence, and the public is also watching whether Trump will use this to further pressure the Fed.

Trump publicly names Cook for resignation, Cook responds: 'I will not be forced out.'

Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), reported to U.S. Attorney General Pam Bondi alleging that Cook forged bank documents and real estate records, and committed lending fraud.

Source: (Chain News) The image shows FHFA investigating Cook's fraudulent documents.

After Bloomberg disclosed this matter on the evening of August 20, Trump posted on Truth Social the next morning demanding Cook's resignation.

Source: (Chain News)

Cook clearly stated through a Fed spokesperson: 'I have no intention of being forced out because of questions on X.' She emphasized that she is taking seriously the external doubts about her financial records and is collecting the correct information to provide the complete facts.

FHFA Director further pressures; current investigation progress is unclear.

After Cook issued a statement, Pulte immediately responded on X: 'Writing anything is useless; your problem comes from the mortgage documents, not X.' He further implied that Fed Chairman Jerome Powell condones subordinates hiding illegal activities, effectively colluding.

Source: (Chain News)

On the same day, he strongly stated during an interview with FOX Business: 'I believe President Trump has reason to fire him.' He also described mortgage fraud as 'a threat to the survival of the Federal Home Loan Bank (FHLB)' during an interview with CNBC, emphasizing that he will definitely prosecute Cook.

Currently, the Justice Department has not responded to Pulte's letter and has not formally opened a case. Observers point out that the FHFA rarely conducts such in-depth investigations into individual mortgage cases, and it is even rarer to publicly involve specific political figures.

Trump continues to pressure the Fed, prompting strong backlash from Democrats.

This incident comes as Trump continually pressures the Fed to lower interest rates. He not only criticizes Powell for lowering rates 'too slowly' but even suggests that Powell should also step down. Trump and Pulte have also heavily criticized the Fed's headquarters maintenance budget as too high, thereby amplifying dissatisfaction with the Fed.

In response, Democratic Senator Elizabeth Warren strongly criticized, stating that the Trump administration has turned federal agencies into tools of oppression, attempting to illegally intimidate the independence of the Fed. Warren stated:

'I have always supported that Fed officials should be subject to oversight and accountability, but anyone can see that Trump has been constantly finding excuses to intimidate or fire Powell and other Fed board members over the past few months, while blaming the failures of his own policies on others.'

This controversy has again brought the Fed's independence to the forefront, with one side being the Trump administration and Pulte demanding Cook's resignation over 'mortgage fraud,' while the other side is Cook insisting she will not be forced out and receiving support from Democrats. Whether the Justice Department will intervene and investigate will be a turning point in the entire incident.

  • This article is reprinted with permission from: (Chain News)

  • Original title: (Trump Attacks! Fed Board Member Cook Involved in Mortgage Fraud, FHFA Director Implies Powell Colluded)

  • Original Author: Louis Lin

'Fed Board Member Involved in Mortgage Fraud, Trump Calls for Resignation, Democrats Furious Over Overreach!' This article was first published in 'Crypto City.'