The big picture: Top housing regulator Bill Pulte is accusing Fed governor Lisa Cook of mortgage fraud. President Trump is considering firing her for cause, per The Wall Street Journal, and called for her resignation on Truth Social.

Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees.

While potential mortgage fraud is a serious offense, the use of a federal regulatory body to pursue a political appointee has been characterized as an even greater breach of public trust. A criminal referral for alleged mortgage fraud against Federal Reserve Governor Lisa Cook has ignited a firestorm,