'Must resign, NOW!': Why Trump wants this federal official out? Know here

US President Donald Trump wants a policymaker at the Federal Reserve to resign. The American president demanded the resignation of Lisa Cook on Wednesday (August 20), alleging that she committed mortgage fraud. In a letter dated August 15, Federal Housing Finance Agency director Bill Pulte urged the Justice Department to investigate a pair of mortgages taken out in recent years by the official.

In response, Trump posted on Truth Social, "Cook must resign, now!!!"

Pulte, who has been a prominent Trump ally, has criticised the Fed and its leader, Chair Jerome Powell, multiple times for not lowering the mortgage rates.

He also called for closer scrutiny of the central bank’s costly refurbishment of its Washington headquarters.

“She needs to explain herself, but it’s all there in black and white,” Pulte said in a phone interview with CNBC on Wednesday, adding, “I think she needs to resign quickly.”

The American president is demanding that the Fed lower their rates and continues to bash Powell with the moniker “Too Late."

In the letter, which Pulte posted on social media, he alleged that Cook, a Biden appointee, “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”

The Trump ally was referring to a mortgage that Cook took out in June 2021 to purchase a property in Ann Arbor, Michigan. She later allegedly took out another mortgage in Georgia two weeks later. Cook’s Georgia home was later listed as a rental, according to Pulte.