U.S. President Donald Trump on Wednesday demanded the resignation of Federal Reserve Governor Lisa Cook, escalating pressure on the central bank as his administration pursues allegations of misconduct against Democratic figures.

“Cook must resign, now!!!!” Trump wrote on Truth Social, citing a Bloomberg report that detailed a referral for a federal investigation into Cook’s mortgages.

The push comes after Federal Housing Finance Agency (FHFA) Director Bill Pulte, a staunch Trump ally, urged Attorney General Pam Bondi to investigate Cook over two mortgages. In an Aug. 15 letter to Bondi and DOJ official Ed Martin, Pulte alleged that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.” The letter includes mortgage documents in Cook’s name and what appears to be a rental listing for one of the properties.

According to the referral, Cook obtained a $203,000 mortgage in June 2021 on a property in Ann Arbor, Michigan, agreeing to occupy it as her primary residence for at least a year. Just two weeks later, she took out a $540,000 mortgage on a property in Georgia, also declaring it as her primary residence. Pulte claims that Cook later listed the Georgia property for rent, suggesting misrepresentation of her circumstances.

No charges have been filed, and it is unclear whether Bondi will open an investigation. Both the Justice Department and the Federal Reserve declined to comment. Cook has not publicly responded.

Cook, nominated by President Joe Biden in 2022, became the first Black woman to serve on the Fed’s Board of Governors. She was later re-nominated for a full term through 2038. Her potential resignation would hand Trump another opportunity to reshape the Fed, following the surprise early departure of Biden appointee Adriana Kugler. Trump has already appointed one of his economic aides, Stephen Miran, on an interim basis to fill Kugler’s slot.

Following the July meeting, two Fed governors — Michelle Bowman and Christopher Waller — supported a rate cut, but the final vote was 9-2 to hold steady. With Trump’s nomination of Stephen Miran to the Fed board, and the potential removal of Cook, the balance could shift to 6-4, making it easier to diminish Powell’s influence and further tighten Trump’s control over the central bank.

The President has repeatedly called for Fed Chair Jerome Powell to resign before his term expires in May, while lambasting the Fed for being “too late” to cut interest rates. Trump has also criticized the ongoing Fed headquarters renovation as wasteful.

Pulte’s letter cited four criminal statutes for potential investigation and argued the allegations give Trump “cause to fire” Cook. The referral marks another step in the administration’s pattern of targeting Democratic officials over alleged mortgage fraud, with previous cases raised against California Senator Adam Schiff and New York Attorney General Letitia James, both longtime Trump adversaries.

Whether the allegations against Cook result in legal action remains uncertain. But if Cook steps down, Trump would secure yet another opening to install loyalists and exert greater influence over the Federal Reserve’s monetary policy.