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President Donald Trump called on Federal Reserve Governor Lisa Cook to resign after a staunch ally called for an investigation of the board member’s mortgages, intensifying his campaign on the central bank.

Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden.

Trump said Wednesday that Cook “must resign now,” citing Pulte’s allegations, while the FHFA head posted on social media that the accusations give Trump “cause to fire” her.

The dollar declined, yields pared losses and gold rose after Trump’s call for Cook’s ouster.Pulte wrote a letter to Bondi and Justice Department official Ed Martin on Aug. 15 suggesting that Cook may have committed a criminal offense. The letter, which was first reported by Bloomberg News, alleges that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.” The Justice Department has received the letter, according to an official, who declined to elaborate further.

Today's show features:

Bloomberg TV Radio International Economics and Policy Correspondent Mike McKee on President Donald Trump calling on Federal Reserve Governor Lisa Cook to resign
Bloomberg News Space Reporter Loren Grush on recent struggles at SpaceX
Bloomberg News US Finance Reporter Todd Gillespie on his story about Citigroup hiring a law firm to investigate complaints about the behavior of the bank's wealth-management chief
David Haber, General Partner at Andreessen Horowitz, and Bloomberg News Consumer Finance Reporter Paige Smith on opportunities in fintech-related venture capital

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Trump Presses Fed’s Cook to Quit After Mortgage Fraud Allegation

Bloomberg Businessweek