Overview

• DOJ official Ed Martin urged Chair Jerome Powell in an Aug. 21 letter to remove Cook from the board while allegations of mortgage fraud are examined.
• Cook said she will not be bullied into stepping down and pledged to provide accurate information about her financial history.
• FHFA Director Bill Pulte’s 44-page referral cites a $203,000 Ann Arbor mortgage in June 2021 and a $540,000 Georgia mortgage two weeks later, both reportedly declared as primary residences and with the Georgia property later listed for rent.
• The Fed declined further comment as legal constraints loom, since only the president can remove a governor for cause and Powell lacks authority to fire another board member.
• The episode is part of a broader administration effort to reshape the central bank and speed interest-rate cuts, with any Cook vacancy creating another appointment opportunity for the White House.