Who is Lisa Cook? Trump Targets Federal Reserve Governor Amid Mortgage Allegations

On Friday, August 22, 2025, President Donald Trump said he would fire Federal Reserve Governor Lisa Cook if she does not resign from her position. Trump criticized Cook over allegations regarding her mortgage applications.

“What she did was bad,” Trump said during a visit to The People’s House museum. “So I’ll fire her if she doesn’t resign.”

The accusations come from Federal Housing Finance Agency Director William Pulte. He claimed that Cook had committed mortgage fraud by listing two different properties as her primary residence at the same time. Pulte sent a criminal referral to the Department of Justice. The DOJ announced on Thursday that it will investigate Cook.

Pulte has been a vocal critic of Fed Chairman Jerome Powell and has supported Trump’s calls for lower interest rates. Since revealing the allegations, he has repeatedly attacked Cook on social media.

Trump previously urged Cook to resign immediately. Ed Martin, a Justice Department lawyer and Trump ally, also asked Powell to remove her. However, under the law, the Fed chairman cannot remove governors.

Cook has generally voted in line with Powell. She supported keeping interest rates unchanged at the Fed’s most recent meeting. Despite the accusations, she remains firm.

“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said on Wednesday. She also said she was reviewing her financial records to provide accurate answers.

A Trailblazing Economist

Lisa Cook is the first Black woman to serve on the Federal Reserve Board of Governors. She joined the board in 2022 and had mostly avoided public attention. Now, she has become a central figure in political debates.

Before the Fed, Cook was a respected academic. She graduated from Spelman College, a historically Black women’s college, and earned a Ph.D. in economics from the University of California, Berkeley. She studied under economic historian Barry Eichengreen.

Cook taught economics at Michigan State University and ran the American Economic Association’s summer program for minority students. She also worked with the National Bureau of Economic Research and conducted banking and credit research in Russia.

Her political experience includes serving on President Barack Obama’s Council of Economic Advisers and on Joe Biden’s transition team. Cook is known for her research showing that Black innovators received fewer patents during times of racial violence, which drew attention from Harvard economist Martin Feldstein.

Pressure from the Trump Administration

Experts say the campaign against Cook is largely political. The Trump administration is attempting to pressure the Fed board to align with its agenda on interest rates. Julia Coronado, former top Fed staffer, called it “throwing everything at the wall” to force resignations.

Ian Katz of Capital Alpha Partners said Cook is unlikely to resign unless serious legal charges are filed — and even then, she may remain on the board. Cook was confirmed to a 14-year term in 2022 with narrow, party-line support, including the decisive vote of Vice President Kamala Harris.

Cook’s Impact at the Fed

Cook has influenced her colleagues with research on artificial intelligence and monetary policy. Tara Sinclair, an economics professor at George Washington University, said Cook has helped peers study AI’s impact on the economy.

Cook’s approach is cautious. She avoids headlines but participates actively in Fed deliberations. Her expertise and research have made her a respected voice on the board.