Sen. Chris Coons (D-Del.) defended Federal Reserve board of governors member Lisa Cook and expressed concern about President Trump’s call for her resignation amid mortgage fraud allegations.
“What makes me concerned about this ongoing effort to pressure the Federal Reserve is that President Trump has recently demonstrated that, when he doesn’t like the numbers, he will fire folks,” Coons said in a Thursday interview on CNBC’s “Squawk Box.”
“His firing of the leader of the Bureau of Labor Statistics over softening economic numbers reminds me of someone who says, ‘I don’t like my weight, so I’m going to break the scale,’” Coons continued.
“I’m concerned that what may be happening here is that Bill Pulte from FHFA is trying to work for President Trump in pushing out members of the Fed,” Coons said.
Trump on Wednesday called on Cook to resign, shortly after Federal Housing Finance Agency (FHFA) Director William Pulte alleged on the social platform X that Cook committed mortgage fraud by designating two of her houses as her primary residence.
Cook said she would not step down, noting she only learned Pulte was making a criminal referral from his social media post. She said the mortgage application in question is from four years ago, before she joined the Federal Reserve.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in a statement. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Coons stressed the importance of Fed independence and expressed confidence in Cook, whom he said he has known for decades.
“Preserving Fed independence is important for our economic stability and security. Globally, we are the leading capital markets. And in countries where the monetary policy is controlled directly by the executive, by the elected official who runs the country, it’s a negative,” Coons said.
“So I have confidence in Lisa Cook. I’ve known her for decades. And I’m concerned about the trajectory here of trying to put a thumb on the scales.”
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