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Aug 23, 2025  |  
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Matthew Cullen


NextImg:Trump Stepped Up His Attacks on the Fed

President Trump said today that Lisa Cook, a Federal Reserve governor who has repeatedly voted not to cut interest rates despite his public pressure, should “resign, now!!!” It was the president’s latest push to remake the central bank.

Trump cited allegations that Cook had engaged in mortgage fraud by claiming two primary residences in her mortgage applications. That information came from Bill Pulte, the director of the Federal Housing Finance Agency, who said that his office had investigated Cook and referred the matter to the Justice Department, encouraging a criminal investigation.

Pulte, who leveled similar allegations against Adam Schiff, the Democratic senator, and Letitia James, the New York State attorney general, is the same official who drafted a letter for the president to fire the Fed chair, Jerome Powell.

Both Pulte and Trump have repeatedly criticized the Fed for holding interest rates steady. Just last night, Trump called Powell “a disaster” for not cutting rates. Officials at the central bank have described the decision as an attempt to prevent inflation from spinning out of control.

Trump’s attacks against the Fed fit a broader pattern wherein the administration uses the instruments of government to target perceived political rivals:


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An Israeli military vehicle on the Gaza border on Tuesday.Credit...Jack Guez/Agence France-Presse — Getty Images

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