President Donald Trump has demanded the immediate resignation of Federal Reserve Governor Lisa Cook and said he will dismiss her if she refuses to step down, sharpening the White House’s pressure campaign on the U.S. central bank. Trump’s ultimatum follows a referral sent by Federal Housing Finance Agency Director Bill Pulte to Attorney General Pam Bondi alleging that Cook committed mortgage fraud. Pulte claims Cook declared two homes—an Ann Arbor, Michigan property financed with a $203,000 loan on 18 June 2021 and an Atlanta, Georgia condo backed by a $540,000 loan two weeks later—as primary residences, a status that can secure more favorable borrowing terms. A Justice Department official said the referral is being taken "very seriously." Cook, the first Black woman to serve on the Fed’s Board, said in a statement she has "no intention of being bullied" and is compiling documentation to address any legitimate questions about her finances. Appointed by former President Joe Biden in 2022 and reappointed last year, she holds a term that runs through 2038, limiting the president’s ability to remake the seven-member board. The Wall Street Journal earlier reported that Trump had already instructed aides to explore firing Cook for cause, an authority that has rarely been tested against a Fed governor. Her removal would hand Trump a second vacancy on the board as he seeks allies who support deeper interest-rate cuts and would further tilt the balance toward Republican appointees.