The U.S. President made the remarks while speaking to reporters, amid intensifying attacks against Cook from his administration.
President Donald Trump on Friday reportedly said that he will fire Federal Reserve Governor Lisa Cook if she does not resign.
President Trump made the remarks while speaking to reporters, amid intensifying attacks against Cook from his administration, according to a video clip posted by CSPAN on X.
The President added that what Cook did was “bad,” after Federal Housing Finance Agency Director Bill Pulte accused the Fed Governor of mortgage fraud by lying on her loan applications to secure more favorable terms. “This is great news. No one is above the law, and that includes alleged mortgage fraudster, Lisa Cook,” Pulte said in a post on X, referring to President Trump’s comments.
On Wednesday, Cook responded to the allegations made by Pulte, saying she has “no intention of being bullied to step down” because of the questions raised by the FHFA Director in a post on X. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve, and so, I am gathering the accurate information to answer any legitimate questions and provide the facts,” she said.
If Cook is removed from the Fed’s board, Trump would have an opening to install a candidate aligned with his push for rate cuts—a policy he has repeatedly demanded while criticizing Chair Jerome Powell.
Meanwhile, U.S. equities edged up in Friday morning’s trade after Federal Reserve Chair Jerome Powell’s Jackson Hole speech led to a surge in rate cut hopes. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.59%, while the Invesco QQQ Trust (QQQ) surged 1.72%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.
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