Trump Expands Pressure on the Fed, Demands Council Member Cook to Resign
After recently criticizing Federal Reserve (Fed) Chair Powell for not lowering interest rates sooner, President Trump expanded pressure on the Fed on Wednesday, posting a message demanding that council member Lisa Cook immediately resign. Cook is accused of making false statements when declaring her primary residence.
According to AFP, Trump wrote on his "Truth Social" platform: "Cook must resign now!" Trump also shared a Bloomberg News article about Federal Housing Finance Agency Director Pulte requesting an investigation into two mortgage-related matters involving Cook.
Pulte is a staunch ally of Trump. On Wednesday, Pulte accused Cook of falsifying her primary residence on social media platform X. He stated that Cook applied for a mortgage in Michigan for a property and declared it as her primary residence, and then just weeks later, she declared a different apartment outside the state as her primary residence.
According to financial disclosures, Cook obtained three mortgages in 2021, two of which were used for purchasing personal residences, and the third was for an investment property loan. Usually, primary residence mortgages offer more favorable terms compared to second homes or investment property loans.
Pulte has called on Attorney General Pam Bondi to launch an investigation. Trump quickly responded on his social platform Truth, stating: "Cook must resign immediately!!!"
A spokesperson for the U.S. Department of Justice told Reuters that the department "takes this matter very seriously."
The Trump administration has repeatedly targeted political opponents by accusing them of mortgage fraud in recent years. New York State Attorney General Letitia James successfully had a court order Trump to pay over $350 million in fines for financial fraud within his real estate empire. Trump has appealed the decision, and James herself was later investigated for alleged real estate fraud.
This summer, Pulte also asked the Department of Justice to investigate Democratic Senator Adam Schiff for suspected real estate fraud. Schiff chaired the House impeachment inquiry against Trump in 2019. James and Schiff both denied any wrongdoing.
Lisa Cook is one of three members nominated to the Federal Reserve Board by former President Biden, and her term will continue beyond Trump's current term, which presents greater resistance to Trump's efforts to gain more control over the Fed.
The Federal Reserve has kept the benchmark lending rate unchanged this year. Before directing his criticism at Fed interest rate-setting committee member Cook, Trump had repeatedly criticized Fed Chair Powell.
Sources: rfi
Original: www.toutiao.com/article/1841016575951876/
Statement: This article represents the views of the author alone.