Trump’s War on the Fed

The Trump White House went after Lisa Cook like it was a gang hit. She’s a Federal Reserve governor—appointed for 14 years, removable only for cause. That firewall was built for moments like this: to keep politicians from grabbing the wheel of monetary policy. Trump wanted her out anyway.

The charge was fraud. The story: Cook lied on mortgage applications, claiming two primary residences to lock in better terms. It landed in headlines. Fraud always does. The problem was the paper trail didn’t match the accusation. Cook’s Atlanta condo was explicitly listed as a vacation or second home. She told her lender that, filed it that way on her federal disclosures, and never once claimed a Georgia homestead exemption. A federal judge blocked her firing, reminding Trump that governors can’t be removed without proof of misconduct.

Proof was thin. But the attack wasn’t about truth—it was about timing. The White House filed its appeal just days before a key FOMC meeting. The plan was simple: weaken the Fed’s independence before it set interest rates. Replace resistance with obedience.

And look who carried the spear: Bill Pulte, director of the Federal Housing Finance Agency. He sent the referral that branded Cook a fraud. Meanwhile, his own family had been quietly double-dipping, claiming primary-residence tax exemptions on homes in both Michigan and Florida. Michigan revoked theirs, recalculated back taxes, and prepared penalties. Florida still honors theirs, saving the Pultes about $158,000 this year alone.

The hypocrisy is radioactive. Cook’s forms line up. The Pultes’ don’t. One case was manufactured. The other left a bill.

This is the pattern. Trump hires loyalists with baggage because baggage is leverage. He smears the independents to make space for the loyalists. And when the walls close in, he pays them in pardons. It’s how he ran the Justice Department, the EPA, the Department of Education. Now it’s the Federal Reserve.

The stakes are higher here. Capture the Fed and you don’t just bend regulations—you bend money itself. Interest rates become campaign tools. Markets lose trust. Inflation targets dissolve into politics. Independence vanishes.

Trump’s war on the Fed wasn’t about mortgages. It wasn’t about Lisa Cook. It was about control—over credit, over money, over the last institution that still said no.

For the Record

• Lisa Cook: Loan labeled her condo a second home. No Georgia exemption claimed. Judge blocked removal.
• Mark and Julie Pulte (Bill Pulte’s father and stepmother): Claimed homestead exemptions on two states simultaneously. Michigan revoked theirs, back taxes and interest due. Florida exemption still active—worth roughly $158,000 in 2025 savings.
• Estimated Michigan liability: $35,000–$55,000 in back taxes and penalties.