Federal Housing Finance Agency Director Bill Pulte on Monday revived his accusations of mortgage fraud against Federal Reserve Governor Lisa Cook, just hours after the Supreme Court blocked President Trump from summarily dismissing her from the central bank's board.
“As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud,” Pulte declared on the social platform X, citing what he described as evidence that Cook improperly designated two different properties—one in Michigan and another in Atlanta—as her primary residence for financial gain.
The Supreme Court’s 5-4 decision on Monday allows Cook, a Biden appointee, to stay on the Fed board while her lawsuit contesting Trump’s removal attempt winds through lower courts. Chief Justice John Roberts and Justice Brett Kavanaugh sided with the court’s three liberal justices—Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson—to form the majority. Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, and Amy Coney Barrett dissented.
Roberts wrote that the question of whether Trump can fire Cook “will depend in part on the underlying facts” of the case. He emphasized that the ruling addressed only the legal standards governing the dispute, not the facts themselves.
In his dissent, Thomas argued that the Supreme Court should not substitute its judgment for the Constitution’s design. “Regardless of whether unaccountable executive officers like Cook would better govern the economy, the Framers rejected such a ‘promised land of technocratic governance,’” he wrote. “They instead chose government by the people.” Thomas added that the court’s duty is to uphold that constitutional choice, not second-guess it.
Cook has not been criminally charged and has consistently denied any wrongdoing. She contends that Trump’s effort to oust her stems from his frustration that the Fed did not cut interest rates sooner last year. The president’s move to fire a Fed board member is unprecedented in the central bank’s 112-year history.
Pulte, a Trump campaign donor, has also referred New York Attorney General Letitia James for prosecution over similar mortgage fraud allegations. James previously led a successful fraud case against the Trump Organization. In addition to his FHFA role, Pulte has served as acting director of national intelligence since June 19, a position that has drawn bipartisan criticism over his qualifications and partisan background.
After the Supreme Court ruling, Trump doubled down on his push to remove Cook, writing on Truth Social that his administration “will take appropriate action immediately to make sure that [Cook] who has committed wrongdoing will not be making vital decisions” for the country.
The case now returns to a lower court, where the facts surrounding Cook’s property designations will be scrutinized. The outcome could reshape the balance of power between the White House and the independent Federal Reserve.
Read more about the Supreme Court's temporary block on Trump's firing of Fed Governor Lisa Cook.
