Trump officials urge Fed to remove governor after she refuses to quit | Federal Reserve

The Trump administration increases the pressure on the federal reserve to withdraw governor Lisa Cook, after the economist said she had “no intention of being intimidated”.

Cook, who was appointed to the powerful council of governors of the American central bank by Joe Biden, was accused by Donald Trump officials of committing mortgage fraud. Allegations are not confirmed.

The American president waged an extraordinary war against the independence of the Fed, breaking with a previous one to demand interest rate drops and urges his chair, Jerome Powell, to resign. Trump quickly called Cook to leave on Wednesday.

The Ministry of Justice would have indicated that it was investigating the allegations, with a senior Trump official saying to Powell the case “requires a more in -depth exam” – and the appellant to withdraw Cook from the Fed Board of Directors.

“Right now, I’m encouraging you to remove Ms. Cook from your board,” wrote Ed Martin, the manager in a letter, according to Bloomberg News. “Do it today before it is too late! After all, no American thinks it is appropriate that it serves during this period with a cloud suspended above it.”

The Fed refused to comment. The Ministry of Justice did not immediately respond to a request for comments.

Despite Martin’s request, the president of the Fed has no authority under the Federal Reserve Act to withdraw another member from the Council of Governors. Wednesday, the Wall Street Journal reported that Trump had discussed how to draw Cook for reason, citing an anonymous administration official.

The White House did not respond to a request for comments on the report.

Wednesday morning, Bill Pulte, head of the Federal Housing Finance Agency in the United States, became-beyond the president himself-one of the most vocal criticisms of Powell and the Trump administration, published allegations against Cook.

In June 2021, Cook concluded a 15 -year mortgage agreement on a property in Ann Arbor, Michigan, and declared its intention to use it as main residence, according to Pulte. In July 2021, Cook bought a property in Atlanta, Georgia, and also undertook to use this property as a main residence when the 30 -year mortgage contraction, according to Pulte.

In a statement, Cook said: “I intend to respond seriously to my financial history as a member of the Federal Reserve and I therefore collect precise information to answer all legitimate questions and provide the facts.”

It is the last figure to be targeted by Trump officials on mortgage fraud complaints. Pulte made similar allegations concerning the Attorney General of New York, Letitia James, and the Senator of California Adam Schiff, both Democrats. The Ministry of Justice is said to have investigated.

James rejected complaints as “baseless”, while Schiff vehemently denied allegations and accused the administration of the armament of the American judicial system.