ATLANTA — Federal Reserve Governor Lisa Cook has been allowed to remain in her position after securing an injunction against the Trump administration’s attempt to fire her over allegations of mortgage fraud.
President Donald Trump has sought to remove Cook from the Federal Reserve Board, citing claims that she improperly designated two properties as her primary residence to obtain favorable mortgage terms.
Cook referred to her Atlanta condominium she purchased in June 2021, as a ‘vacation home’ in a loan estimate, which contradicts the administration’s allegations.
Bill Pulte, a Trump appointee, accused Cook of signing documents claiming both the Atlanta condo and a home in Ann Arbor, Michigan, as primary residences.
This led to a criminal referral to the Justice Department, which is investigating the matter.
Cook described the Atlanta property as a ‘second home’ on a security clearance form, further complicating the allegations against her.
The administration’s appeal of the injunction is pending, with an emergency ruling requested before the Federal Reserve’s upcoming meeting to decide on interest rates.
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Fulton County tax records indicate that Cook has not claimed a homestead exemption on the condo, which would typically be used by someone designating a property as their primary residence.
The outcome of the Justice Department’s investigation and the administration’s appeal remains uncertain, leaving Cook’s future at the Federal Reserve in question as the central bank prepares for its next meeting.
Information from this article from the Associated Press.