Fed Governor Rejects Call by Trump to Quit

President Trump is calling for the resignation of a governor of the Federal Reserve after the director of the Federal Housing Finance Agency accused her of mortgage fraud. "Cook must resign, now!!!" Trump posted Wednesday on Truth Social, referencing a Bloomberg story about Fed governor Lisa Cook. Late in the day, Cook said she will not be leaving her job. What's to know:

• The allegation: William Pulte, who NBC News notes is a "sharp critic" of the Fed, alleges that Cook "falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute," per Bloomberg. In essence, Pulte says Cook claimed two homes, a condo in Georgia and a house in Michigan, as her principal residences. She later listed the condo as a rental, according to Pulte. He referred the matter to Attorney General Pam Bondi, seeking a criminal investigation.

• Cook: The Biden appointee got the job in 2022, and was reappointed a year later to a term that lasts until 2038, per the AP. Axios notes she has been a "relatively dovish" member of the Fed, seemingly open to the interest rate cuts Trump has vocally sought.
• The potential fallout: Cook's resignation would allow Trump to appoint a successor, perhaps giving him more leverage in his quest to get the Fed to lower interest rates. The Fed hasn't yet done so in his second term.
• The background: Pulte, who oversees Fannie Mae and Freddie Mac, has lodged similar allegations against New York Attorney General Letitia James and California Sen. Adam Schiff.
• Democratic support: Sens. Chuck Schumer and Elizabeth Warren backed Cook. "Trump is a liar. Lisa Cook—stand tough and don't let Trump intimidate you," Schumer posted on X. Warren said Trump has been "blaming anyone but himself for how his failed economic policies are hurting Americans."
• No thanks: "I have no intention of being bullied to step down from my position because of some questions raised in a tweet," Cook said in a statement issued late Wednesday by the Fed, per the AP.