Cook was appointed to the seven-member Federal Reserve Board by President Joe Biden and was targeted by FHFA Director Bill Pulte with accusations of mortgage fraud. Pulte accused Cook of falsifying bank documents and property records to obtain favorable loan terms by claiming two 2021 house purchases were primary residences and referred the matter to Attorney General Pam Bondi. No formal charges have been filed by the Department of Justice. President Trump cited Pulte’s referral as sufficient cause to fire Cook despite the FHFA director not being a law enforcement official. Trump has pressured the Fed for lower rates and is replacing board members with supporters; Fed Governor Adriana Kugler resigned early on Aug. 1.
Pulte accused Cook of mortgage fraud and called on Attorney General Pam Bondi to investigate Cook's purchase of two houses in 2021. By claiming that both houses were bought as a primary residence, Pulte said Cook falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. But no formal charges have been filed by the Department of Justice against Cook.
Trump stated that as set forth in that referral, there is sufficient reason to believe you may have made false statements on one or more mortgage agreements. Trump wrote: The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.
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