Bill Pulte’s Aggressive Campaign Against Federal Reserve Chair Jerome Powell Escalates as President Trump Dismisses Governor Lisa Cook amid Allegations of Mortgage Fraud

Businessman-turned-FHFA Director Bill Pulte has become a vocal critic of Federal Reserve Chair Jerome Powell, spearheading President Donald Trump’s most aggressive action yet to influence the future composition and independence of the Fed’s Board of Governors.

Pulte, who holds a significant social media presence with 3 million followers on X, has been instrumental in launching an extensive campaign against Powell, following Trump’s discontent with Powell’s decision not to lower interest rates. This campaign encompasses both social media and cable television platforms.

In a move that could potentially escalate to the Supreme Court, President Trump announced the dismissal of Federal Reserve Governor Lisa Cook on Monday, citing allegations of mortgage fraud brought forth by Pulte to the Justice Department last week.

The allegations against Cook involve claims of multiple primary residences being listed on her mortgages, a practice that is currently under investigation by the Justice Department. The probe is being led by Ed Martin, the head of the department’s weaponization working group, following his confirmation as US Attorney for the District of Columbia.

Pulte, who owns between $500,000 to $1 million in Bitcoin, has been vocal about Cook’s alleged actions, stating, “For the sake of the country, I think she should just resign.” However, a review of mortgage documents by CNN shows that Cook took out mortgages for two properties, both listed as her principal residence.

Cook, the first Black woman appointed as a Fed governor with a term set to expire in 2038, has responded to calls for her resignation by stating, “I have no intention of being bullied.” Lawyer Abbe Lowell, who represents Cook, announced on Tuesday that Cook will be filing a lawsuit challenging her firing, claiming Trump’s attempt to dismiss her lacks any factual or legal basis.

As Director of the FHFA, Pulte is at the center of Trump’s plans to privatize mortgage giants Fannie Mae and Freddie Mac, and an administration proposal to allow homebuyers to use cryptocurrency assets to strengthen their mortgage applications. Prior to his government role, Pulte gained notoriety through his philanthropy, which included giving away money and cars on Twitter.

Pulte’s confirmation for a five-year term to run the FHFA in March has not diminished his social media activity, particularly regarding the Fed and Powell. His relentless attacks against Powell have given him an influential role with Trump that surpasses his responsibilities overseeing the mortgage giants Fannie and Freddie.

Pulte’s actions, however, have raised questions about his judgment and commitment to operating the FHFA in a responsible, competent, and lawful manner. Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent a letter to Pulte last month expressing concern over his focus on Powell’s firing rather than his statutory mission.

The conservative Wall Street Journal editorial board warned of an “ominous turn in political lawfare” regarding Pulte’s actions against Trump’s perceived enemies. This sentiment was echoed by the editorial board’s op-ed titled “Weaponizing the Housing Regulator.”