After Bill Pulte, the new Director of the Federal Housing Finance Agency (FHFA), called for one. He currently is investigating Federal Reserve Governor Lisa Cook after getting a tip that led him to question her property declarations. Pulte, a deep ally of former President Donald Trump, dropped some fascinating nuggets about the probe in an interview with Bloomberg. He dropped that bombshell Thursday. This inquiry specifically focuses on accusations that Cook has declared two different residences as her home addresses.
In an open letter dated August 15, Pulte outlined the problems with Cook’s allegations. Further, he noted, she has declared a home in Michigan as her primary residence. She has filed to run out of an Atlanta condo. This dual-claim, on its face, raises troubling questions of Fair Housing Act violation. It raises serious doubt as to the honor of her chairwoman at the Federal Reserve, leading Pulte to act quickly.
Pulte’s agency has fully adopted new advanced artificial intelligence software developed by Palantir. This smart use of agency resources increases its capacity to accurately and successfully pursue potential mortgage fraud. This technology will be a key partner in pursuing Cook’s property claims. It will be able to immediately flag and stop fraud.
Things took a turn for the dramatic when Pulte went public with his demand that Cook be removed from the Board. He emphasized the necessity for immediate action, stating, “I encourage you to remove Ms. Cook from your Board. Do it today before it is too late!” His statements, prompted by our efforts, reveal the seriousness of what’s called for—something that he insists erodes public confidence in the Federal Reserve.
Martin, another major player in this drama, corroborated Pulte’s feeling. He argued that the nature and timing of Cook’s allegations “warrant closer scrutiny.” He passionately argued that no American should tolerate an American governor functioning under such serious charges. This is a moment that requires accountability and transparency.
“After all, no American thinks it is appropriate that she serve during this time with a cloud hanging over her.” – Martin
As her decision came under increasing scrutiny, Cook has publicly defended her position. When faced with calls for her resignation, she stood her ground and doubled down in defense of her position.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet.” – Lisa Cook
While this investigation proceeds, we do not know how the Federal Reserve will react to these allegations. Equally uncertain is whether Cook will remain atop MPG while she, and her agency, are under the microscope. The FHFA is employing AI technology as a tool to identify fraudulent behavior. If so, this strategy could lead to a new national model for how these cases are resolved going forward.
The ramifications of this investigation are huge, far beyond Cook’s personal circumstances. It strikes at the heart of key questions about accountability, public trust and integrity within federal institutions. Going forward, observers are especially interested in seeing how this resentment will impact public confidence in the Federal Reserve and its decision-making processes.