Fed Fight Highlights Bill Pulte’s Growing Influence

Director of the Federal Housing Finance Agency is not a position the average American likely thinks much about. But Bill Pulte is using his post to bludgeon perceived enemies of Donald Trump’s administration.

Pulte is playing an integral role in the real estate-related controversies involving the president’s foes. Most recently, he’s begun upping the heat on Federal Reserve Governor Lisa Cook, posting images of alleged falsified bank documents on social media and raising the possibility of mortgage fraud, according to the New York Times.

The FHFA director displayed images that allegedly showed Cook improperly designating both an Atlanta condominium and an Ann Arbor home as primary residences. Pulte also said he would be referring the case to the Justice Department.

With the ball rolling, Trump announced the firing of Cook from her post on Monday night, the first time a president has tried to oust a sitting Federal Reserve board member. It’s unclear if Trump has the authority to remove Cook, who said she plans to fight the ouster and is already preparing a lawsuit.

That didn’t stop Pulte from boasting about Cook’s firing to his three million followers on X. In reposting Trump’s letter on Cook’s removal, Pulte noted that “mortgage fraud can carry up to 30 years in prison.”

Cook has not been charged with a crime.

Pulte has emerged as a top ally in Trump’s attempt to stamp his influence on the nation’s central bank, which operates independently from the executive branch. The president has been vocal about his anger towards the central bank and its chairperson, Jerome Powell, for failing to lower interest rates; Pulte has called on Powell to be fired.

Even though Trump had the opportunity to replace one outgoing Fed governor with one more loyal to him, the president still has a long way to go before securing a majority that could actually influence interest rates.

Nevertheless, Cook’s pending removal could be another feather in Pulte’s cap. He also played a key role in the Justice Department opening an investigation into the real estate records of New York State Attorney General Letitia James and Trump’s accusations that Sen. Adam Schiff — a major figure in Trump’s impeachment during his first term — committed mortgage fraud.

Pulte also upended the relative independence of government-controlled enterprises Freddie Mac and Fannie Mae by removing board members and making himself the chair of both organizations.

— Holden Walter-Warner