The Big Money Show panel discusses President Donald Trumps plan to remodel Jerome Powells Federal Reserve.
President Donald Trump on Wednesday called for the resignation of a Federal Reserve governor after one of his allies submitted a referral requesting that she be investigated for mortgage fraud.
Federal Housing and Finance Agency (FHFA) Director Bill Pulte on Wednesday posted a copy of a referral he sent to the Department of Justice regarding mortgage fraud allegations against Fed Governor Lisa Cook. The news was first reported by Bloomberg.
Trump posted about the story on his Truth Social platform and wrote, “Cook must resign, now!!!”
In his letter, Pulte accused Cook of having “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
Pulte alleged in the referral letter that Cook falsely claimed primary residence status for a pair of homes located in Ann Arbor, Michigan, and Atlanta, Georgia, when she obtained mortgages on them 14 days apart.
In a separate post on X, Pulte posted pictures purporting to show Cook’s signature from documents for both mortgages, which he captioned as claiming primary residence status – though the image itself doesn’t show that information from the documents.
FOX Business reached out to the Federal Reserve, which did not have an immediate comment on the allegations.
Pulte’s criminal referral of Cook and Trump’s call for her to resign comes amid the Trump administration’s pressure campaign against the Federal Reserve, as the president has repeatedly called for the central bank to cut interest rates.
Trump has threatened to fire Fed Chair Jerome Powell on several occasions, though he has since backed down from an effort to remove Powell before the end of his term as chairman in May 2026 amid legal questions about his ability to fire Powell without cause.
Trump, Pulte and allies viewed the Fed’s costly renovation of its Washington, D.C., headquarters building as potentially providing cause – using the controversy as a platform to call for Powell’s firing or resignation.
On July 11, Pulte released a statement on the FHFA website and social media alluding to unspecified reports that Powell was preparing to resign, writing that “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”
Powell has signaled he intends to serve out the remainder of his term as chairman.
