Sen. Coons Speaks Out in Support of Fed Governor Cook

Senator Chris Coons (D-Del.) defended Federal Reserve Governor Lisa Cook, voicing his concerns about President Trump’s call for her resignation amidst allegations of mortgage fraud.

“I’m worried about this ongoing effort to pressure the Federal Reserve. Recently, President Trump showed he isn’t above firing people when he dislikes the data,” Coons said during an interview on CNBC’s “Squawk Box” on Thursday.

He referenced Trump’s termination of the Bureau of Labor Statistics leader over less favorable economic reports, comparing it to someone saying, “I don’t like my weight, so I’ll just break the scale.”

“I fear that what we’re seeing is FHFA’s Bill Plute attempting to push Fed members out at Trump’s behest,” Coons added.

On Wednesday, Trump requested Cook’s resignation following a claim from FHFA director William Plute on social media that she had committed mortgage fraud by labeling two homes as her primary residences.

Cook stated she would not resign, explaining that she only found out about the crime referral from Plute’s post. She clarified the mortgage application in question was submitted four years prior to her joining the Federal Reserve.

“I won’t let myself be pressured into stepping down just because a tweet raised some doubts,” Cook remarked in a statement. “As a Federal Reserve member, I take my financial history seriously, and I work to ensure all information is accurate.”

Those who know Cook emphasized their confidence in her abilities and the need for the Fed’s independence. Cook’s long-standing reputation was highlighted.

“Maintaining the Fed’s independence is crucial for our economic stability and security. As the leading capital markets worldwide, we must avoid the pitfalls of direct monetary policy control by elected officials,” Coons emphasized.

“That’s why I’m confident in Lisa Cook. I’ve known her for years, and I’m worried about this effort to apply undue pressure,” he added.