Former President Donald Trump has called for the immediate removal of Federal Reserve Governor Lisa Cook, citing a Department of Justice (DOJ) investigation into alleged mortgage fraud. While Cook has not been charged with a crime, Trump claims she committed serious misconduct and vowed to fire her if she does not resign. The accusations stem from a criminal referral filed by Bill Pulte, a prominent Trump supporter and vocal critic of the Federal Reserve.

Pulte’s referral, submitted Wednesday, alleges that Cook falsified bank documents and property records to obtain favorable mortgage terms, potentially violating federal mortgage fraud laws. Trump referenced these claims during remarks to the press on Friday, stating bluntly, “What she did was bad.” His administration is reportedly pressuring the DOJ to act swiftly on the matter.

Despite the serious tone of the accusations, Cook remains in her role and has not issued a public response. Under current federal law governing the Federal Reserve, a president can only remove a sitting governor “for cause,” meaning misconduct or legal violations—policy disagreements do not meet that standard. Trump’s demand marks an unprecedented move and could spark a major legal battle.

This would be the first time in history a U.S. president has attempted to oust a Federal Reserve governor. Legal experts suggest the situation could escalate into a constitutional clash over executive authority and central bank independence. The judiciary may ultimately have to decide whether Trump has sufficient grounds for removal.

Trump and his allies have long pushed for lower interest rates to reduce borrowing costs and ease pressure on the \$37 trillion national debt. Although Trump previously threatened to replace Fed Chair Jerome Powell, he has since backed down from that stance.

Lisa Cook, appointed by President Biden in 2022, was confirmed by the Senate in a narrow 51–47 vote. Her 14-year term runs through 2038.