Bill Pulte, director of the U.S. Federal Housing Finance Agency, has issued a second criminal referral against Federal Reserve board member Lisa Cook.
According to Fox Business, Donald Trump's attempt to remove Cook from her position at the Federal Reserve Board due to these allegations is being legally challenged by Cook.
On August 28, 2025, Pulte sent the second referral concerning Cook, less than a month after the initial referral on August 15. Both referrals allege that Cook misled the government regarding her property interests while serving as a Governor at the Fed. The first referral accused Cook of false claims about her primary residency between properties in Michigan and Georgia in 2021.
Pulte's second referral further adds a Massachusetts condominium into the mix. In April 2021, Cook reportedly entered into a mortgage for this property, describing it first as a second home, then labeling it an investment or rental space. Pulte reiterated his earlier claims of misleading the government in his letter.
Attorney Abbe David Lowell, representing Cook, fiercely defends her. He denies the allegations and condemns the actions against Cook as politically motivated. Lowell asserts the claims lack relevance to Cook's position on the Federal Reserve Board.
Abbe David Lowell describes the situation as an obvious smear campaign aimed at discrediting Gov. Cook. He highlights the lack of relevance these vague, unsubstantiated allegations have to Cook’s role at the Federal Reserve and argues they do not justify her removal from the Board.
President Donald Trump has been vocal about his intentions concerning Cook's position. On Truth Social, Trump outlined his plan to remove Cook, citing "cause" as granted by the Federal Reserve Act. Trump confidently asserted his discretionary power to take this action.
Cook, however, has responded by legally contesting Trump's removal attempt. The situation now advances to legal scrutiny as both sides prepare for a protracted battle. The legal proceedings will address the allegations and the president's authority under the Federal Reserve Act.
This development adds complexity to an already contentious matter. The conflict between political agendas and legal statutes could provide a tumultuous road ahead. The legal journey each party embarks on will determine the ultimate outcome.
As the situation develops, eyes will remain on how this affects the Federal Reserve's operations. Cook's role within the board and the country’s financial stability may experience short-term uncertainty. The extent of impact, however, will depend on forthcoming legal decisions.
Regardless of the outcome, the spotlight on this matter highlights possible implications for the Federal Reserve's governance. It draws attention to the intersection of politics and finance in shaping the nation's monetary policy environment. The ramifications could redefine how such matters are navigated in future scenarios.
Pulte's two referrals have unquestionably captivated public and media interest. Whatever legal conclusions emerge, they will likely have lasting effects on the individuals and institutions involved. Observers continue to closely follow as events unfold.
